Reps Summon CBN Governor Over alleged pension agreement violations

The House of Representatives has resolved to summon the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, over alleged violations of pension agreements and failure to pay outstanding retirement benefits to former employees of the apex bank.

The resolution followed the adoption of a motion during plenary on Tuesday, November 3, 2026, 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.”

The motion was sponsored by Hussaini Jallo, representing Igabi Federal Constituency of Kaduna State.

Presenting the motion, Jallo expressed concern over alleged violations of agreements governing pension entitlements and the welfare of retired CBN employees.

He said the alleged failure to implement the harmonisation policy had created disparities in pension payments and resulted in accumulated arrears, leaving affected retirees in financial distress.

READ ALSO: JPMorgan wins CBN approval for Nigerian Merchant Bank, names former acting governor Sarah Alade director

“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 pensioners had been excluded from general pension increases based on additional demands that might not be backed by existing laws, agreements or approved pension policies.

Jallo also disclosed that the number of CBN pensioners had declined from 5,104 in 2011 to approximately 3,000, representing a reduction of more than 2,100 retirees.

He warned that prolonged delays in pension payments could expose elderly retirees to poverty, deteriorating health and preventable deaths.

According to him, pensioners who devoted their working lives to national service deserved transparency, fairness and prompt payment of their lawful entitlements.

The motion received overwhelming support from lawmakers through a voice vote presided over by Speaker Tajudeen Abbas.

Following its adoption, the House urged the CBN and relevant authorities to verify and settle all outstanding pension arrears owed to eligible retirees within a clearly defined timeframe.

It also called for the extension of applicable general pension increases to qualified pensioners in accordance with existing laws and approved policies.

The House subsequently resolved to invite Cardoso, relevant CBN officials, pension administrators, regulators and representatives of affected pensioners to appear before it and provide explanations, alongside supporting documents.

It mandated its Committee on Pension to investigate the alleged breaches of pension agreements by the CBN, particularly the terms and conditions governing the administration and payment of retirement benefits.

The committee is expected to examine the circumstances surrounding the alleged non-implementation of the harmonisation policy, establish the reasons for the delay and determine the total outstanding pension arrears.

It will also investigate the alleged exclusion of eligible pensioners from general pension increases and ascertain whether the practice complies with existing laws and approved pension policies.

As part of its assignment, the committee is expected to review relevant agreements, policy circulars, payment records and actuarial reports to establish responsibility for any administrative lapses and recommend appropriate corrective measures.