Reps summon CBN governor over unpaid pension arrears

The House of Representatives has resolved to summon the Governor of the Central Bank of Nigeria, CBN, Olayemi Cardoso, over alleged breaches of pension agreements and failure to pay excellent advantages to retired workers of the apex financial institution.

The decision adopted the adoption of a movement throughout plenary on Tuesday, November 3, 2026, titled ‘Need to research the Central Bank of Nigeria for alleged breach of authorised pension agreements, non-implementation of harmonization coverage and exclusion of pensioners from common pension will increase’.

The movement was sponsored by the member representing Igabi Federal Constituency of Kaduna State, Hussaini Jallo.

Presenting the movement, Jallo expressed concern over alleged violations of agreements guiding pension entitlements and the welfare of retired CBN workers.

He mentioned the alleged failure to implement the harmonization coverage had created disparities in pension funds and led to the buildup of unpaid arrears, leaving affected retirees in monetary hardship.

“The House is concerned that the alleged non-implementation and faulty execution of the harmonization policy may have led to disparities in pension benefits and the accumulation of unpaid arrears,” Jallo mentioned.

The lawmaker additionally alleged that some pensioners had been excluded from common pension will increase over further calls for which could not be supported by present legal guidelines, agreements or authorised pension insurance policies.

Jallo disclosed that the variety of CBN pensioners had dropped from 5,104 in 2011 to about 3,000, representing a decline of greater than 2,100 retirees.

He warned that extended delays in pension funds might expose aged pensioners to poverty, in poor health well being and preventable deaths.

According to him, retirees who served the nation deserved transparency, equity and well timed cost of their lawful entitlements.

The movement obtained overwhelming assist from lawmakers by means of a voice vote in the course of the plenary presided over by Speaker Tajudeen Abbas.

Following its adoption, the House urged the CBN and different related authorities to confirm and pay all excellent pension arrears owed to eligible retirees inside a clearly outlined interval.

It additionally known as for the extension of relevant common pension will increase to certified pensioners in keeping with present legal guidelines.

The House subsequently resolved to ask Cardoso, related CBN officers, pension directors, regulators and representatives of affected pensioners to look earlier than it and supply explanations, alongside supporting paperwork.

It mandated its Committee on Pension to research the alleged breaches of pension agreements by the CBN, significantly the phrases governing the administration and cost of retirement advantages.

The committee can also be anticipated to look at the circumstances surrounding the non-implementation of the harmonization coverage, the explanations for the delay and the quantity of excellent arrears.

It will additional examine the alleged exclusion of eligible pensioners from common will increase and decide whether or not the apply complies with present legal guidelines and authorised pension insurance policies.

The committee is predicted to evaluate related agreements, coverage circulars, cost information and actuarial reviews to ascertain duty for any administrative failures and advocate acceptable corrective measures.