The House of Representatives has resolved to summon the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, to explain alleged breaches of pension agreements and the failure to pay outstanding 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 sponsored by Hussaini Jallo, representing Igabi Federal Constituency of Kaduna State.
Presenting the motion, Jallo expressed concern over alleged non-compliance with contractual 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 contributed to the accumulation of unpaid 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 on the grounds of 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 declined from 5,104 in 2011 to approximately 3,000, representing a reduction of more than 2,100.
He said the figures translated to an average decline of about 140 pensioners annually, warning that the mortality rate could increase 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 loss of life.
He maintained that Nigerians who had served the country deserved fairness, transparency and prompt payment of all benefits lawfully 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 said.
The motion received overwhelming support from lawmakers during a voice vote 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 arrears lawfully due to affected pensioners within a reasonable and clearly defined period.
It also called for the extension of applicable general pension increases to eligible retirees in accordance with relevant laws.
The House further resolved to invite Cardoso and other relevant officials, alongside pension administrators, regulators and representatives of affected pensioners, to appear before it to explain the alleged violations and submit relevant documentary evidence.
It mandated its Committee on Pension to investigate alleged non-compliance by the CBN with contractual agreements governing the administration and payment of pension benefits to its retired employees.
The committee is expected to examine the terms and obligations contained in the agreements, as well as the circumstances surrounding the non-implementation of the harmonisation policy, reasons for the 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 on the basis of extra-statutory demands and determine whether such actions are consistent with applicable laws, contractual obligations and approved pension policies.
The committee is further expected to review relevant documents, including contractual agreements, policy circulars, payment records and actuarial reports, to establish responsibility for any administrative failures or breaches.
It will subsequently recommend appropriate corrective measures, including the extension of applicable general pension increases to all eligible retirees without discrimination, in line with relevant laws and approved policies.
