House of Representatives probe CBN over non-compliance with pension obligations

The House of Representatives Tuesday ordered an investigation into the alleged non-compliance with contractual agreements by the Central Bank of Nigeria (CBN) on the administration and fee of pension advantages to retired workers.

The House in a decision mandated its Committee on Pensions to ask the governor of the CBN, and different related officers, along with acceptable pension directors, regulators and representatives of affected pensioners, to offer explanations.

The committee is to additional decide non-implementation of the Harmonization Policy, together with the circumstances surrounding its approval, causes for delay, and confirm the quantity of excellent arrears and penalties for affected pensioners.

It can also be anticipated to determine the alleged exclusion of eligible pensioners from common pension will increase primarily based on extra-statutory calls for, to find out whether or not these actions and exclusions adjust to relevant legal guidelines, contractual obligations and authorised pension insurance policies.

This adopted a movement on “Need to Investigate the Central Bank of Nigeria for Alleged Breach of Approved Pension Agreements, Non-Implementation of Harmonization Policy and Exclusion of Pensioners from General Pension Increases,” by Hussaini Mohammed Jallo.

The lawmaker stated, “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.”