The Nigerian House of Representatives has resolved to invite Central Bank of Nigeria (CBN) Governor Olayemi Cardoso to address allegations of unpaid pensions and breaches of pension agreements affecting retired employees of the apex bank. The decision follows the adoption of a motion on Tuesday seeking to investigate the CBN for alleged non-compliance with approved pension policies and the exclusion of certain retirees from general pension increases.
The motion, moved by Hussaini Jallo, the lawmaker representing Igabi Federal Constituency in Kaduna State, highlighted concerns over the faulty execution of the harmonisation policy. Jallo argued that these administrative failures may have resulted in disparities in pension benefits and the accumulation of unpaid arrears, placing affected pensioners in severe financial hardship. He noted that the House is concerned that rightful entitlements are being denied to retirees who depend on these funds for their livelihoods.
“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,” Jallo said.
In addition to payment delays, the lawmaker raised concerns that some pensioners were excluded from general pension increases based on extra-statutory demands that may not align with applicable laws or binding agreements. Jallo also disclosed that the number of CBN pensioners has declined from 5,104 in 2011 to approximately 3,000, a reduction of more than 2,100 individuals. He warned that this average annual loss of 140 pensioners, combined with prolonged payment delays, could expose elderly retirees to poverty, ill health, and avoidable loss of life.
Following a voice vote in plenary presided over by Speaker Tajudeen Abbas, the House mandated its Committee on Pension to investigate the alleged non-compliance by the CBN. The committee is directed to examine the circumstances surrounding the approval and delay of the harmonisation policy, determine the amount of outstanding arrears, and assess whether the exclusion of eligible pensioners from increases complies with contractual obligations and approved policies. The investigation will involve reviewing contractual agreements, policy circulars, payment records, and actuarial reports to establish responsibility for any administrative failures.
The House further urged the CBN and relevant authorities to verify and pay all outstanding arrears within a clearly defined period and to extend applicable general pension increases to all eligible pensioners. Governor Cardoso, along with pension administrators, regulators, and representatives of affected pensioners, have been invited to appear before the House to provide explanations and submit relevant documentary evidence. The committee is expected to recommend corrective measures to ensure the non-discriminatory payment of lawful entitlements to all eligible retirees.
<small>Source: Vanguard News — read the original story there.</small>
