BY TAIBAT UMMI YAKUBU
The House of Representatives has moved to investigate the Central Bank of Nigeria (CBN) over allegations that the apex bank violated pension agreements, withheld retirement benefits and excluded some former employees from approved pension increases.
The House resolved to summon CBN Governor, Olayemi Cardoso, alongside relevant officials of the bank and pension administrators, to explain the alleged irregularities and account for outstanding entitlements owed to retired employees.
The decision followed the adoption of a motion during Tuesday's plenary on November 3, 2026, sponsored by Hussaini Jallo, who represents Igabi Federal Constituency of Kaduna State.
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', raised concerns over the treatment of former CBN employees who, according to the lawmaker, have yet to receive their full retirement benefits.
Presenting the motion, Jallo accused the apex bank of failing to honour agreements guiding pension payments, particularly the implementation of its pension harmonisation policy.
He warned that the alleged failure had created unequal pension payments among retirees, while unpaid arrears continued to accumulate, leaving some former employees struggling to meet their financial obligations.
"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," Jallo said.
The lawmaker further alleged that some eligible pensioners had been left out of general pension increases because of additional conditions imposed on them, which he argued might not be supported by existing laws, agreements or approved pension policies.
Jallo also disclosed that the number of CBN pensioners had declined significantly, from 5,104 in 2011 to approximately 3,000 currently, representing a reduction of more than 2,100 retirees.
He expressed concern that continued delays in settling pension obligations could push elderly former employees into deeper financial difficulties, exposing them to poverty, ill health and preventable deaths.
According to him, people who devoted years of their lives to serving the country should not be forced to struggle for benefits they are legally entitled to receive after retirement.
He stressed the need for transparency, fairness and prompt payment of all outstanding entitlements, warning that pensioners should not be subjected to unnecessary administrative hurdles before accessing their benefits.
The motion received overwhelming support from lawmakers through a voice vote during the plenary presided over by Speaker Tajudeen Abbas.
Following its adoption, the House called on the CBN and other relevant authorities to identify all eligible retirees owed outstanding pension arrears and ensure that the payments are made within a clearly defined timeframe.
It also urged the apex bank to extend applicable general pension increases to qualified retirees in accordance with existing laws and approved pension arrangements.
As part of the investigation, the House resolved to invite Cardoso, relevant CBN officials, pension administrators, regulatory authorities and representatives of the affected pensioners to appear before it.
The officials are expected to provide explanations and present supporting documents to clarify the allegations surrounding pension payments and the administration of retirement benefits at the apex bank.
The House also mandated its Committee on Pension to conduct a detailed investigation into the alleged breaches of pension agreements, with particular attention to the terms guiding the management and payment of benefits to retired CBN employees.
The committee is expected to establish why the harmonisation policy was not fully implemented, identify the reasons behind the alleged delays and determine the total amount of outstanding pension arrears.
It will also examine the circumstances surrounding the exclusion of some pensioners from general increases and establish whether the practice complies with existing pension laws and approved policies.
To establish the facts, the committee will review relevant pension agreements, policy circulars, payment records and actuarial reports.
Its findings are expected to identify any administrative failures, determine where responsibility lies and recommend measures to address the alleged irregularities.
The investigation could provide an opportunity for affected retirees to present their grievances directly to lawmakers and seek clarification on the pension arrangements governing their retirement benefits.
For now, the House is demanding answers from the apex bank over allegations that have raised fresh questions about the treatment of its former employees and the fulfilment of pension obligations to those who served the institution.
The House of Representatives has moved to investigate the Central Bank of Nigeria (CBN) over allegations that the apex bank violated pension agreements, withheld retirement benefits and excluded some former employees from approved pension increases.
The House resolved to summon CBN Governor, Olayemi Cardoso, alongside relevant officials of the bank and pension administrators, to explain the alleged irregularities and account for outstanding entitlements owed to retired employees.
The decision followed the adoption of a motion during Tuesday's plenary on November 3, 2026, sponsored by Hussaini Jallo, who represents Igabi Federal Constituency of Kaduna State.
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', raised concerns over the treatment of former CBN employees who, according to the lawmaker, have yet to receive their full retirement benefits.
Presenting the motion, Jallo accused the apex bank of failing to honour agreements guiding pension payments, particularly the implementation of its pension harmonisation policy.
He warned that the alleged failure had created unequal pension payments among retirees, while unpaid arrears continued to accumulate, leaving some former employees struggling to meet their financial obligations.
"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," Jallo said.
The lawmaker further alleged that some eligible pensioners had been left out of general pension increases because of additional conditions imposed on them, which he argued might not be supported by existing laws, agreements or approved pension policies.
Jallo also disclosed that the number of CBN pensioners had declined significantly, from 5,104 in 2011 to approximately 3,000 currently, representing a reduction of more than 2,100 retirees.
He expressed concern that continued delays in settling pension obligations could push elderly former employees into deeper financial difficulties, exposing them to poverty, ill health and preventable deaths.
According to him, people who devoted years of their lives to serving the country should not be forced to struggle for benefits they are legally entitled to receive after retirement.
He stressed the need for transparency, fairness and prompt payment of all outstanding entitlements, warning that pensioners should not be subjected to unnecessary administrative hurdles before accessing their benefits.
The motion received overwhelming support from lawmakers through a voice vote during the plenary presided over by Speaker Tajudeen Abbas.
Following its adoption, the House called on the CBN and other relevant authorities to identify all eligible retirees owed outstanding pension arrears and ensure that the payments are made within a clearly defined timeframe.
It also urged the apex bank to extend applicable general pension increases to qualified retirees in accordance with existing laws and approved pension arrangements.
As part of the investigation, the House resolved to invite Cardoso, relevant CBN officials, pension administrators, regulatory authorities and representatives of the affected pensioners to appear before it.
The officials are expected to provide explanations and present supporting documents to clarify the allegations surrounding pension payments and the administration of retirement benefits at the apex bank.
The House also mandated its Committee on Pension to conduct a detailed investigation into the alleged breaches of pension agreements, with particular attention to the terms guiding the management and payment of benefits to retired CBN employees.
The committee is expected to establish why the harmonisation policy was not fully implemented, identify the reasons behind the alleged delays and determine the total amount of outstanding pension arrears.
It will also examine the circumstances surrounding the exclusion of some pensioners from general increases and establish whether the practice complies with existing pension laws and approved policies.
To establish the facts, the committee will review relevant pension agreements, policy circulars, payment records and actuarial reports.
Its findings are expected to identify any administrative failures, determine where responsibility lies and recommend measures to address the alleged irregularities.
The investigation could provide an opportunity for affected retirees to present their grievances directly to lawmakers and seek clarification on the pension arrangements governing their retirement benefits.
For now, the House is demanding answers from the apex bank over allegations that have raised fresh questions about the treatment of its former employees and the fulfilment of pension obligations to those who served the institution.
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