KEY POINTS
- The House of Representatives has invited the CBN governor to explain alleged discrepancies in pension payments to retired bank employees.
- Lawmakers cited claims of unpaid arrears, disparities in benefits and non-compliance with approved pension policies.
- The House urged the CBN to verify outstanding entitlements and pay eligible pensioners within a clearly defined period.
- Its Committee on Pension has four weeks to investigate the allegations and report back.
MAIN STORY
The House of Representatives has invited the Governor of the Central Bank of Nigeria (CBN) to explain alleged discrepancies in pension payments to former employees of the apex bank, following concerns over unpaid arrears and differences in retirement benefits.
The decision followed the adoption of a motion moved by Rep. Hussain Jallo (APC-Kaduna) during plenary on Tuesday. Jallo told lawmakers that alleged failures to implement approved pension policies and honour contractual agreements had caused financial hardship for affected retirees.
He said the alleged faulty implementation of the Harmonisation Policy may have created disparities in pension benefits and resulted in accumulated arrears. Some pensioners, according to the lawmaker, also claimed they had been excluded from general pension increases because of additional or extra-statutory demands that might not be consistent with applicable laws and approved agreements.
Jallo said the situation had left some retirees without benefits they believed were legally due to them, despite depending on the payments for their livelihoods.
THE ISSUES
The lawmaker also raised concerns about the declining number of CBN pensioners, saying their population had fallen from 5,104 in 2011 to approximately 3,000 currently. He described the reduction of more than 2,100 pensioners as an average decline of about 140 annually and said the mortality rate could be accelerating as surviving retirees grow older.
He warned that prolonged delays in pension payments could expose elderly and vulnerable pensioners to poverty, ill health and avoidable loss of life.
The allegations have prompted the House to seek explanations from the CBN and other relevant institutions responsible for pension administration. Lawmakers also invited pension administrators, regulators and representatives of affected pensioners to provide explanations and submit supporting documents.
The proposed inquiry is intended to establish whether pension policies and agreements were breached, determine the extent of any administrative failures and identify the benefits lawfully owed to eligible retirees.
WHAT’S BEING SAID
“Pensioners who have served the nation deserve fairness, transparency, and the timely or promptly payment of all benefits lawfully due to them.”
- Rep. Hussain Jallo, APC-Kaduna.
“I acknowledge 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.”
- Rep. Hussain Jallo, APC-Kaduna.
WHAT’S NEXT
The House urged the CBN and other relevant authorities to verify outstanding pension arrears and pay all amounts lawfully due to affected retirees within a reasonable and clearly defined period.
It also recommended that applicable general pension increases be extended to eligible pensioners in line with relevant laws.
In his ruling, Speaker of the House, Rep. Abbas Tajudeen, mandated the House Committee on Pension to investigate the allegations and submit its report within four weeks for further legislative action.
BOTTOM LINE
The House’s intervention puts the CBN’s pension arrangements under legislative scrutiny. The committee’s investigation will determine whether the reported discrepancies and unpaid arrears resulted from policy implementation failures, administrative problems or breaches of approved agreements, and what action is required to ensure eligible retirees receive their entitlements.
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