Reps to 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 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, warning that the situation had exposed affected pensioners to financial hardship.

He said the alleged non-implementation of the harmonisation policy had created disparities in pension payments and resulted in the accumulation of unpaid arrears.

“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 also alleged that some pensioners had been excluded from general pension increases on the basis of additional requirements which, according to him, might not be supported by existing laws, agreements or approved pension policies.

Jallo 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 continued delays in pension payments could expose elderly pensioners to poverty, deteriorating health conditions and preventable deaths.

According to him, retirees who devoted years of service to the country deserved fairness, transparency and prompt 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 settle 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 accordance with existing laws and approved policies.

As part of its resolutions, the House directed that Cardoso, relevant CBN officials, pension administrators, regulators and representatives of affected pensioners be invited to appear before it.

The officials and stakeholders are expected to provide explanations and submit relevant documents concerning the alleged breaches and outstanding pension obligations.

The House further mandated its Committee on Pension to investigate the alleged violations of pension agreements by the CBN, particularly those relating to the administration and payment of retirement benefits.

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

It will also investigate the alleged exclusion of eligible retirees from general pension increases and ascertain whether the practice conforms with existing laws, agreements and approved pension policies.

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

It will subsequently recommend appropriate corrective measures to ensure compliance with pension obligations and protect the welfare of affected retirees.

The House's intervention comes amid growing concerns over the welfare of pensioners and the need for public institutions to honour their retirement benefit commitments.

The investigation is expected to determine the extent of the alleged violations and establish measures for resolving outstanding pension claims.

The CBN had yet to respond to the allegations in the report.