The House of Representatives has resolved to invite the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, to explain allegations of unpaid pension arrears, breaches of approved pension agreements and the exclusion of some retired employees from general pension increases.
The resolution followed the adoption of a motion during plenary on Tuesday, November 3, 2026, seeking an investigation into the administration and payment of pension benefits to retired CBN workers.
The motion, 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,” was sponsored by the member representing Igabi Federal Constituency of Kaduna State, Hussaini Jallo.
Lawmakers expressed concern that alleged failures to implement and properly execute the pension harmonisation policy may have created disparities in retirement benefits and contributed to the accumulation of unpaid arrears.
Presenting the motion, Jallo said the alleged non-compliance with agreements governing pension entitlements had raised serious concerns about the welfare of retired CBN employees.
He warned that pensioners who depend on their retirement benefits for daily living could be facing financial difficulties due to delayed payments and inconsistencies in pension administration.
“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, ultimately denying rightful entitlements and imposing severe financial hardship on affected pensioners who depend on these funds for their livelihood,” the lawmaker said.
Jallo also raised concerns over allegations that some pensioners had been excluded from general pension increases because of additional or extra-statutory demands that might not be consistent with applicable laws, binding agreements or approved pension policies.
The House said the allegations require proper examination to establish whether the affected retirees were denied benefits to which they were legally entitled.
The lawmaker disclosed that the number of CBN pensioners had reportedly declined from 5,104 in 2011 to approximately 3,000.
According to the figures presented, the reduction represents more than 2,100 pensioners over the period.
Jallo put the average decline at about 140 pensioners annually and warned that mortality among surviving retirees could increase as they grow older.
He cautioned that prolonged delays in pension payments could worsen the vulnerability of elderly pensioners, exposing them to poverty, ill health and avoidable loss of life.
The lawmaker maintained that retirees who had served the country deserved fairness, transparency and the prompt payment of all benefits lawfully due to them.
Following the adoption of the motion, the House urged the CBN and other relevant authorities to verify outstanding pension arrears and pay all amounts lawfully due to affected retirees within a reasonable and clearly defined period.
Lawmakers also called for applicable general pension increases to be extended to eligible pensioners in accordance with relevant laws.
The House emphasised the need to establish the facts surrounding the allegations, determine whether contractual or administrative breaches occurred and ensure that eligible pensioners receive their entitlements.
The resolution received overwhelming support during a voice vote presided over by Speaker Tajudeen Abbas.
As part of the investigation, the House invited Cardoso and other relevant officials, alongside pension administrators, regulators and representatives of affected pensioners, to appear before it.
The invited parties are expected to provide explanations and submit relevant documentary evidence to assist lawmakers in determining the circumstances surrounding the alleged pension irregularities.
The House also mandated its Committee on Pension to investigate the CBN’s alleged non-compliance with contractual agreements relating to pension administration and payments to former employees.
The committee is expected to examine the terms and obligations contained in the relevant agreements and determine whether the bank fulfilled its responsibilities.
The legislative investigation will focus on the approval and implementation of the pension harmonisation policy, including the reasons for any delays, the amount of outstanding arrears and the consequences for affected retirees.
The committee is also expected to investigate the alleged exclusion of eligible pensioners from general pension increases on the basis of extra-statutory demands.
It will assess whether such decisions complied with applicable laws, contractual obligations and approved pension policies.
Relevant documents to be reviewed include pension agreements, policy circulars, payment records and actuarial reports.
The committee will also seek to establish responsibility for any administrative failures or breaches identified during the investigation.
The House directed the committee to recommend appropriate corrective measures, including the non-discriminatory extension of applicable general pension increases to all eligible retirees in line with relevant laws and approved policies.
The outcome of the investigation is expected to help clarify the status of the pensioners’ claims and determine the steps required to address any established violations.
However, the allegations against the CBN remain subject to investigation, and the legislative resolution does not in itself establish that the bank breached pension agreements.
The development places renewed attention on pension administration, retirement security and the responsibility of public institutions to honour legitimate obligations to former employees.
For the affected pensioners, the central concern remains the timely resolution of outstanding claims and the payment of benefits lawfully due to them.
