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 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 moved by the member representing Igabi Federal Constituency of Kaduna State, Hussaini Jallo.
Presenting the motion, Jallo expressed concern over the alleged failure of the CBN to comply with agreements governing the pension benefits and welfare of its retired employees.
He said the alleged failure to implement the harmonisation policy properly might have created differences in pension payments and led to the accumulation of unpaid arrears.
According to him, the situation has left affected pensioners 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.
Jallo also raised concerns over allegations that some pensioners had been excluded from general pension increases because of additional or extra-statutory demands.
He said such demands might not be consistent with applicable laws, binding agreements or approved pension policies.
The lawmaker further disclosed that the number of CBN pensioners had fallen from 5,104 in 2011 to approximately 3,000.
This represents a reduction of more than 2,100 pensioners.
He said the figures showed an average loss of 140 pensioners annually, adding that the mortality rate could increase as the surviving retirees grow older.
Jallo warned that prolonged delays in pension payments could expose elderly and vulnerable retirees to poverty, ill health and avoidable loss of life.
He argued that retirees who had served the country deserved fairness, transparency and the 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 at plenary 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 pensioners in line with relevant laws.
The House further invited Cardoso and other relevant officials, alongside pension administrators, regulators and representatives of affected pensioners, to appear before it.
They are expected to explain the situation and submit relevant documentary evidence.
The House mandated its Committee on Pension to investigate alleged non-compliance by the CBN with contractual agreements on the administration and payment of pension benefits to its retired employees.
The committee is expected to focus on the terms and obligations contained in the agreements.
It was also directed to examine the non-implementation of the harmonisation policy, including the circumstances surrounding its approval, reasons for the delay, the amount of outstanding arrears and the consequences for affected pensioners.
The committee will also investigate the exclusion of eligible pensioners from general pension increases based on extra-statutory demands.
It is expected to determine whether such actions comply with applicable laws, contractual obligations and approved pension policies.
The committee will review relevant documents, including contractual agreements, policy circulars, payment records and actuarial reports, to establish responsibility for any administrative failures or breaches.
It is also expected to recommend appropriate corrective measures, including the non-discriminatory extension of applicable general pension increases to all eligible pensioners in line with relevant laws and approved policies.