The House of Representatives has resolved to invite the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, to explain alleged violations of pension agreements and the continued non-payment of outstanding benefits owed to retired employees of the apex bank.
The decision followed the adoption of a motion during Tuesday’s plenary session, November 3, 2026, calling for an investigation into the CBN’s handling of pension entitlements.
The motion, sponsored by Hussaini Jallo, who represents Igabi Federal Constituency of Kaduna State, raised concerns about the alleged failure of the apex bank to honour approved pension agreements, implement its harmonisation policy and extend general pension increases to eligible retirees.
Presenting the motion, Jallo said the alleged failure to properly implement the harmonisation policy had created disparities in pension payments and contributed to the accumulation of unpaid arrears.
He warned that the situation had placed affected pensioners under considerable financial pressure, particularly those who depend entirely on their retirement benefits for their daily needs.
The lawmaker also questioned reports that some retired CBN employees had been excluded from general pension increases because of additional demands that might not be supported by existing laws, contractual agreements or approved pension policies.
NUMBER OF CBN PENSIONERS DECLINES
Jallo disclosed that the number of retired CBN employees receiving pensions had fallen from 5,104 in 2011 to approximately 3,000.
He described the development as concerning, noting that the figures represented a decline of more than 2,100 pensioners.
According to him, the reduction translates to an average loss of about 140 pensioners annually, with concerns that the situation could worsen as the remaining retirees grow older.
He warned that prolonged delays in settling pension obligations could expose elderly and vulnerable pensioners to poverty, deteriorating health and preventable hardship.
The lawmaker maintained that individuals who had dedicated their working lives to national service deserved fairness, transparency and timely payment of their lawful retirement benefits.
HOUSE DIRECTS CBN TO SETTLE OUTSTANDING ARREARS
Following the adoption of the motion through a voice vote presided over by Speaker Tajudeen Abbas, the House called on the CBN and relevant authorities to verify all outstanding pension arrears and ensure that eligible retirees receive their entitlements within a clearly defined period.
Lawmakers also urged the apex bank to extend applicable general pension increases to all qualified pensioners in accordance with existing laws and approved policies.
The House further resolved to invite Cardoso, relevant CBN officials, pension administrators, regulators and representatives of the affected retirees to appear before it.
They are expected to provide explanations and submit relevant documents to assist the investigation.
COMMITTEE TO INVESTIGATE PENSION AGREEMENTS
The House mandated its Committee on Pension to conduct a detailed investigation into the alleged failure of the CBN to comply with agreements governing pension administration and payments to former employees.
The committee will examine the circumstances surrounding the approval of the harmonisation policy, the reasons for its delayed implementation, the total outstanding arrears and the effect of the alleged failures on affected pensioners.
It will also investigate the reported exclusion of eligible retirees from general pension increases based on additional demands and determine whether such decisions comply with existing laws and contractual obligations.
As part of its assignment, the committee is expected to examine pension agreements, policy circulars, payment records and actuarial reports to establish whether administrative failures or breaches occurred.
It will subsequently recommend appropriate measures to address any identified problems, including ensuring that eligible pensioners receive applicable increases without discrimination.
The investigation is expected to establish the facts surrounding the pension dispute and determine the steps required to protect the entitlements of retired CBN employees.
