CBN Governor Olayemi Cardoso Summoned Over Pension Issues

The House of Representatives has resolved to summon Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), regarding alleged violations of pension agreements and failure to pay retirement benefits to former employees. This decision followed a motion adopted on Tuesday, 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,” sponsored by Hussaini Jallo, representing Igabi Federal Constituency of Kaduna State.

Jallo expressed concerns about the CBN's failure to honor pension agreements, which he claims has led to disparities in pension payments and unpaid arrears, worsening retirees' financial situations. He noted a decline in the CBN's pensioner population from 5,104 in 2011 to about 3,000.

The House urged the CBN to ascertain outstanding pension arrears and ensure timely payments to eligible pensioners. The motion was overwhelmingly endorsed during a plenary presided over by Speaker Tajudeen Abbas.