The House of Representatives has resolved to invite the Governor of the Central Bank of Nigeria, 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 it, Jallo expressed concern over alleged non-compliance with contractual agreements governing the pension entitlements and welfare of retired CBN employees.He said 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.
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 loss of 140 pensioners annually, adding that the mortality rate was likely to increase as the surviving retirees advanced in age.
He warned that prolonged delays in pension payments could expose elderly and vulnerable retirees to poverty, ill health and avoidable loss of life, arguing that retirees who had served the country deserved fairness, transparency and the prompt payment of all benefits lawfully due to them.The motion received overwhelming support from lawmakers when it was put to a voice vote during plenary presided over by 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 accordance 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 and provide explanations as well as submit relevant documentary evidence.
It mandated its Committee on Pension to investigate the alleged non-compliance by the CBN with contractual agreements concerning the administration and payment of pension benefits to its retired employees, examine the non-implementation of the harmonisation policy, and look into the exclusion of eligible pensioners from general pension increases.
