Reps Summon CBN Gov, Others Over Alleged Breach Of Pension Agreements

The House of Representatives has invited the g to popovernor of the Central Bank of Nigeria (CBN), Olayemi Cardoso and other relevant officials, appropriate pension administrators, regulators and representatives of affected pensioners to provide explanations and submit relevant documentary evidence over alleged breach of approved pension agreements.

The House also mandated its Committee on Pension to investigate the alleged non-compliance with contractual agreements by the CBN, concerning the administration and payment of pension benefits to its retired employees with particular attention to the terms and obligations contained in the relevant agreements.

The followed the adoption of a motion 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,” sponsored by Hon. Hussaini Mohammed Jallo at plenary on Tuesday.

Moving the motion, the lawmaker noted that the payment of pensions, approved pension policies and other retirement entitlements to former employees of the CBN are causing severe hardship among affected pensioners.

Jallo expressed concern over the allegations of non-compliance with contractual agreements affecting the pension entitlements and welfare of retired employees of the CBN.

He expressed worry 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 also raised concerns over allegations that certain pensioners had been excluded from general pension increases on the basis of additional or extra-statutory demands that may not align with applicable laws, binding agreements, or duly approved pension policies.

“Further concerned that the number of CBN pensioners has declined from 5,104 in 2011 to approximately 3,000 today a reduction of over 2,100 individuals, which represents average loss of 140 pensioners per year and that this mortality rate is likely accelerating as the surviving pensioners advance in age.

“Worried that prolonged delays in pension payments can expose elderly and vulnerable retirees to poverty, ill health and avoidable loss of life.

“Recognises that pensioners who have served the nation deserve fairness, transparency, and the timely or promptly payment of all benefits lawfully due to them.

“Acknowledges the need for legislative oversight to establish the facts, determine the extent of any breaches or administrative failures, and that all eligible pensioners receive their lawful entitlements,” the lawmaker added.

Adopting the motion, the House urged CBN and other relevant authorities to verify and pay all outstanding arrears lawfully due to affected pensioners within a reasonable and clearly defined period and recommend the extension of applicable general pension increases to eligible pensioners in accordance with the relevant laws.

It mandated the Committee on Pension to among others investigate the alleged non-implementation of the harmonisation policy including the circumstances surrounding its approval, reasons for delay, ascertain the amount of outstanding arrears and consequences for affected pensioners and the exclusion of eligible pensioners from general pension increases.