Reps summon CBN governor over pension arrears

The House of Representatives has summoned Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, over alleged breaches of pension agreements, unpaid arrears and the exclusion of retired employees from general pension increases.

The resolution followed the adoption of a motion on Tuesday, sponsored by Hussaini Jallo, representing Igabi Federal Constituency of Kaduna State, during plenary presided over by Speaker Tajudeen Abbas.

Moving the motion, Jallo raised concerns over the alleged failure of the apex bank to implement approved pension agreements and harmonisation policies, saying the situation had created disparities in benefits and left some retirees without their full entitlements.

He said some pensioners had also allegedly been excluded from general pension increases based on additional demands that might not be supported by applicable 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, a reduction of more than 2,100.

He said the figures represented an average loss of about 140 pensioners annually, warning that the situation could worsen as the surviving retirees advanced in age.

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

He said former CBN employees who had served the country deserved transparency, fairness and prompt payment of their lawful entitlements.

Following the adoption of the motion through a voice vote, the House urged the CBN and relevant authorities to verify and pay all outstanding pension arrears within a reasonable and clearly defined period.

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

The House directed its Committee on Pension to investigate the alleged breaches of contractual agreements and examine the implementation of the harmonisation policy, including the reasons for delays, outstanding arrears and their effects on affected pensioners.

The committee is also expected to investigate the alleged exclusion of some retirees from general pension increases and determine whether the practice complies with existing laws and approved pension policies.

Cardoso, other relevant CBN officials, pension administrators, regulators and representatives of affected pensioners are expected to appear before the House and submit relevant documents.

The committee will review pension agreements, policy circulars, payment records and actuarial reports to establish responsibility for any administrative failures or breaches.

It is expected to recommend corrective measures, including the payment of outstanding benefits and the extension of applicable pension increases to all eligible retirees.