House of Reps Summons CBN Governor Over Unpaid Pension Benefits

Nigeria's House of Representatives has formally invited Central Bank of Nigeria Governor Olayemi Cardoso to appear before lawmakers and respond to claims that the apex bank has failed to honour pension commitments to its retired employees. The invitation follows the adoption of a motion in the chamber on Tuesday, which was sponsored by Hussaini Jallo, a lawmaker representing Igabi Federal Constituency in Kaduna State.

The motion under consideration accuses the CBN of breaching approved pension agreements, failing to implement a harmonisation policy, and excluding certain pensioners from receiving general pension increases granted to others. The House has tasked its Committee on Pensions with conducting a formal investigation into whether the CBN has violated its contractual obligations regarding the administration and distribution of retirement benefits to former staff members.

In addition to summoning Cardoso, the House has requested that pension administrators, regulatory bodies overseeing pensions, and representatives of affected retirees also appear before the legislature. These parties have been instructed to submit documentary evidence and provide detailed explanations regarding the alleged non-compliance with pension agreements at the CBN.

The resolution represents escalating legislative scrutiny of how Nigeria's financial regulator manages the retirement affairs of its workforce. CBN retirees have reportedly faced delays and disputes over pension payments, with some excluded from benefits increases that other pensioners have received during the same period.

The House Committee on Pensions will now lead the investigation into these allegations and the broader question of whether CBN pension administration meets Nigeria's regulatory standards for retirement benefits.