Reps Summon CBN Governor Over Alleged Pension Agreement Breaches

The House of Representatives has resolved to invite the Governor of the Central Bank of Nigeria, Olayemi Cardoso, to explain alleged breaches of pension agreements and the non-payment of benefits to retired employees of the apex bank.

The resolution followed the adoption of a motion on Tuesday titled, “Need to investigate the Central Bank of Nigeria for alleged breach of approved pension agreements, non-implementation of harmonisation policy and exclusion of pensioners from general pension increases.”

The motion was moved by the member representing Igabi Federal Constituency of Kaduna State, Hussaini Jallo.

Presenting the motion, Jallo expressed concern over alleged violations of agreements governing the pension entitlements and welfare of retired CBN employees.

He said the alleged failure to implement the harmonisation policy properly had created disparities in pension payments and led to accumulated arrears, leaving affected retirees in financial hardship.

“The House is concerned that the alleged non-implementation and faulty execution of the harmonisation policy may have led to disparities in pension benefits and the accumulation of unpaid arrears, ultimately denying rightful entitlements and imposing severe financial hardship on affected pensioners who depend on these funds for their livelihood,” he said.

The lawmaker also raised concerns over allegations that some pensioners had been excluded from general pension increases based on additional or extra-statutory demands that might not be consistent with applicable laws, binding agreements or approved pension policies.

Jallo further disclosed that the number of CBN pensioners had dropped from 5,104 in 2011 to approximately 3,000, representing a decline of more than 2,100.

He said the figures amounted to an average loss of 140 pensioners annually, warning that the mortality rate could rise as the surviving retirees advanced in age.

The lawmaker cautioned that prolonged delays in pension payments could expose elderly and vulnerable retirees to poverty, ill health and avoidable deaths.

He maintained that former employees who had served the country deserved fairness, transparency and prompt payment of all benefits legally due to them.

“The House acknowledges the need for legislative oversight to establish the facts, determine the extent of any breaches or administrative failures, and ensure that all eligible pensioners receive their lawful entitlements,” he added.

The motion received overwhelming support through a voice vote during plenary presided over by the Speaker, Tajudeen Abbas.

Following its adoption, the House urged the CBN and other relevant authorities to verify and pay all outstanding pension arrears lawfully due to affected retirees within a reasonable and clearly defined period.

It also called for the extension of applicable general pension increases to eligible pensioners in line with relevant laws.

The lawmakers subsequently invited Cardoso and other relevant officials, alongside pension administrators, regulators and representatives of affected retirees, to appear before the House and provide explanations supported by documentary evidence.

The House also mandated its Committee on Pension to investigate alleged non-compliance by the CBN with contractual agreements governing the administration and payment of pension benefits.

The committee is expected to examine the approval and implementation of the harmonisation policy, the reasons for any delays, the amount of outstanding arrears and the impact on affected pensioners.

It will also investigate the alleged exclusion of eligible retirees from general pension increases based on extra-statutory demands and determine whether such actions comply with applicable laws, contractual obligations and approved policies.

The committee is further expected to review relevant documents, including pension agreements, policy circulars, payment records and actuarial reports, to establish responsibility for any administrative failures or breaches.

It will recommend corrective measures, including the extension of applicable general pension increases to all eligible retirees without discrimination, in accordance with relevant laws and approved policies.