Reps Summon CBN Governor Cardoso Over Unpaid Pension Arrears

By Aduragbemi Omiyale

The Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, has been asked to appear before the House of Representatives over the non-payment of benefits to retired employees of the apex bank.

Mr Cardoso is expected to be available for questioning alongside other relevant officials, as well as pension administrators, regulators and representatives of affected pensioners.

The summoning followed a motion moved on Tuesday during plenary presided over by the Speaker of the House of Representatives, Mr Tajudeen Abbas.

In the 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, and moved by the member representing Igabi Federal Constituency of Kaduna State, Mr Hussaini Jallo, it was alleged that there were breaches in the pension agreements with the former workers.

Mr Jallo said, “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 further claimed 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, noting 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.

The lawmaker warned that prolonged delays in pension payments could expose elderly and vulnerable retirees to poverty, ill health and avoidable loss of life, noting 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.

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

It will review relevant documents, including contractual agreements, policy circulars, payment records and actuarial reports, to establish responsibility for any administrative failures or breaches.