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 settle outstanding retirement benefits owed to former employees of the apex bank.
The decision followed the adoption of a motion during plenary on Tuesday, November 3, 2026, sponsored by Hussaini Jallo, representing Igabi Federal Constituency of Kaduna State.
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,” raised concerns about the treatment of retired CBN employees and alleged discrepancies in their pension entitlements.
Moving the motion, Jallo said the alleged failure of the CBN to implement the approved harmonisation policy had resulted in unequal pension payments and accumulated arrears, worsening the financial situation of affected retirees.
He noted that the situation had left some pensioners struggling to meet their basic needs despite having served the country during their working years.
The lawmaker also alleged that certain retirees had been excluded from general pension increases because of additional requirements which might not be backed by existing laws, agreements or approved pension policies.
According to Jallo, the population of CBN pensioners had reduced from 5,104 in 2011 to approximately 3,000, a decline of more than 2,100 retirees.
He warned that continued delays in the payment of pension entitlements could expose elderly retirees to poverty, deteriorating health conditions and preventable deaths.
Jallo stressed the need for fairness, transparency and prompt settlement of all legitimate pension obligations owed to the affected former employees.
The motion was supported by lawmakers and subsequently adopted through a voice vote during the sitting presided over by Speaker Tajudeen Abbas.
Following its adoption, the House urged the CBN and other relevant authorities to verify all outstanding pension arrears and ensure their payment to eligible retirees within a clearly defined period.
Lawmakers also called for the implementation of applicable general pension increases for qualified beneficiaries in line with existing legal provisions.
The House consequently resolved to invite Cardoso, relevant CBN officials, pension administrators, regulatory authorities and representatives of affected pensioners to appear before it with explanations and supporting documents.
It further mandated its Committee on Pension to investigate the alleged breaches of approved pension agreements, particularly those relating to the administration and payment of retirement benefits.
The committee is expected to establish why the harmonisation policy has not been fully implemented, determine the extent of outstanding pension liabilities and investigate the alleged exclusion of some retirees from general pension increases.
It will also examine relevant agreements, policy circulars, payment records and actuarial reports to establish responsibility for any administrative shortcomings and recommend measures to address the grievances of affected pensioners.
