Reps move to grill CBN Governor Cardoso 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 violations of pension agreements and failure to pay outstanding benefits owed to retired employees of the apex bank.

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

The motion, titled ‘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’, was sponsored by Hussaini Jallo, who represents Igabi Federal Constituency of Kaduna State.

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

He said the alleged failure to implement the harmonization policy had created disparities in pension payments and led to the accumulation of unpaid arrears, leaving affected retirees in financial 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 said.

The lawmaker also alleged that some pensioners had been excluded from general pension increases over additional demands which might not be supported by existing laws, agreements or approved pension policies.

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

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

According to him, retirees who served the country deserved transparency, fairness and timely payment of their lawful entitlements.

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 urged the CBN and other relevant authorities to verify and pay all outstanding pension arrears owed to eligible retirees within a clearly defined period.

It also called for the extension of applicable general pension increases to qualified pensioners in line with existing laws.

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 governing the administration and payment of retirement benefits.

The committee is also expected to examine the circumstances surrounding the non-implementation of the harmonization policy, the reasons for the delay and the amount of outstanding arrears.

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

The committee is expected to review relevant agreements, policy circulars, payment records and actuarial reports to establish responsibility for any administrative failures and recommend appropriate corrective measures.

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