Reps summon Cardoso over CBN pension arrears

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

The resolution followed the adoption of a motion during plenary on Tuesday, seeking an investigation into allegations that the CBN failed to implement approved pension agreements, harmonisation policies and general pension increases for eligible retirees.

The motion was sponsored by the lawmaker representing Igabi Federal Constituency of Kaduna State, Hussaini Jallo, who expressed concern over the bank’s alleged failure to honour agreements governing the pension entitlements and welfare of its former employees.

Presenting the motion, Jallo said the alleged failure to properly implement the pension harmonisation policy had created disparities in retirement benefits and contributed to the accumulation of unpaid arrears, leaving affected pensioners in financial difficulty.

He also raised concerns over allegations that some retirees had been excluded from general pension increases based on additional demands that might not be supported by existing laws, binding agreements or approved pension policies.

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

He attributed the figures to an average decline of about 140 pensioners annually and warned that the situation could worsen as surviving retirees continue to advance in age.

The lawmaker cautioned that prolonged delays in pension payments could expose elderly and vulnerable retirees to poverty and hardship, stressing that former employees deserved fairness, transparency and prompt payment of their lawful entitlements.

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

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

The House subsequently invited Cardoso, relevant CBN officials, pension administrators, regulators and representatives of the affected retirees to appear before it and provide explanations alongside supporting documents.

The House Committee on Pension was also mandated to investigate the alleged breaches, examine the implementation of the harmonisation policy, establish the amount of outstanding arrears and recommend appropriate corrective measures.

The committee is expected to review relevant agreements, policy circulars, payment records and actuarial reports as part of efforts to establish responsibility and ensure that eligible pensioners receive their entitlements.