Reps summon CBN governor over alleged pension discrepancies

The House of Representatives has invited the Governor of the Central Bank of Nigeria (CBN) to explain alleged irregularities in pension payments to retired employees of the apex bank.

The invitation followed the adoption of a motion sponsored by Rep. Hussain Jallo (APC-Kaduna) during Tuesday’s plenary.

Moving the motion, Jallo said alleged discrepancies in pension payments, implementation of approved pension policies and other retirement benefits had subjected former CBN employees to severe hardship.

He raised concerns over alleged breaches of contractual agreements governing the pension entitlements and welfare of the retirees.

According to him, the alleged failure to properly implement the Harmonisation Policy may have resulted in unequal pension benefits and accumulated unpaid arrears.

Jallo said the situation had deprived affected pensioners of their legitimate entitlements, leaving many of them in financial difficulty despite relying on the payments for their livelihood.

He added that some retirees had reportedly been excluded from general pension increases over additional or extra-statutory requirements that might not be consistent with applicable laws, binding agreements or approved pension policies.

The lawmaker disclosed that the number of CBN pensioners had dropped from 5,104 in 2011 to approximately 3,000 currently, representing a decline of more than 2,100.

He estimated that the pensioners’ population had reduced by an average of 140 annually, warning that mortality among the elderly retirees could be increasing.

Jallo expressed concern that prolonged delays in pension payments could expose vulnerable and elderly pensioners to poverty, ill health and preventable deaths.

He stressed that retirees who had served the country deserved fairness, transparency and prompt payment of all benefits due to them.

The House also invited relevant pension administrators, regulatory agencies and representatives of the affected retirees to explain the situation and submit supporting documents.

It urged the CBN and other relevant authorities to verify and settle all outstanding pension arrears lawfully owed to the affected retirees within a clearly defined timeframe.

The lawmakers further recommended that eligible pensioners be included in applicable general pension increases in line with existing laws.

Ruling on the motion, Speaker of the House, Rep. Abbas Tajudeen, mandated the Committee on Pension to investigate the allegations and submit its report within four weeks for further legislative action.