The House of Representatives has resolved to invite Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), to address allegations regarding breaches of pension agreements and the failure to pay benefits owed to retired employees of the bank.
This decision followed the adoption of a motion 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 introduced by Hussaini Jallo, the lawmaker representing Igabi Federal Constituency of Kaduna State, who voiced deep concerns over the apex bank’s alleged failure to comply with contractual agreements governing the welfare and pension entitlements of its retirees.
During the presentation of the motion, Jallo pointed out that improper execution and non-implementation of the harmonisation policy have created disparities in pension payouts and led to significant unpaid arrears, inflicting severe financial strain on retirees.
“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 highlighted allegations that certain pensioners were left out of general pension increases based on extra-statutory demands that do not align with binding agreements, approved pension policies, or existing laws.
Jallo noted a sharp decline in the number of CBN pensioners, which dropped from 5,104 in 2011 to around 3,000, reflecting a loss of more than 2,100 retirees. He explained that this averages out to 140 deaths per year, adding that the mortality rate could climb as surviving retirees grow older.
He warned that continued delays in disbursing pension payments leave elderly and vulnerable retirees susceptible to poverty, sickness, and premature death. He stressed that individuals who dedicated their service to the nation deserve fairness, transparency, and timely disbursement of their legal benefits.
“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 said.
The motion was passed with overwhelming support during a voice vote presided over by Speaker Tajudeen Abbas.
Upon adopting the motion, the House urged the CBN alongside other relevant authorities to review and settle all outstanding arrears owed to affected retirees within a clear and reasonable timeframe. It also called for extending applicable pension increases to all eligible retirees in accordance with governing laws.
In addition to Governor Cardoso, the House invited relevant central bank officials, pension regulators, pension administrators, and representatives of the affected retirees to appear before lawmakers with necessary documents and explanations.
Furthermore, the House mandated its Committee on Pension to investigate the central bank’s alleged non-compliance with pension agreements, with a specific focus on contractual terms and obligations.
The committee is tasked with investigating the delayed implementation of the harmonisation policy, the circumstances behind its approval, the total accumulated arrears, and the resulting impact on pensioners.
It will also probe the exclusion of eligible retirees from general pension increases on extra-statutory grounds to verify if such actions breach contractual duties, approved policies, or legal standards.
To assign responsibility for any administrative oversights or policy breaches, the committee will examine critical documents, including policy circulars, payment logs, contractual agreements, and actuarial reports.
Finally, the committee is expected to propose corrective measures, including the fair and non-discriminatory extension of all general pension increases to affected retirees in line with established policies and laws.
