The House of Representatives has ordered an investigation into complaints about the retirement benefits of former Central Bank of Nigeria employees, giving its Committee on Pension four weeks to establish the facts and recommend remedies.
Lawmakers also asked the CBN and relevant authorities to verify outstanding claims and settle all arrears lawfully owed to affected retirees within a reasonable, clearly defined period.
The House adopted the resolutions on Tuesday, 3 November, following a motion sponsored by Hussaini Mohammed Jallo, according to the National Assembly Library Trust Fund’s account of the proceedings. The motion raised allegations concerning pension agreements, implementation of the Harmonisation Policy and access to general pension increases.
As part of the inquiry, the House resolved to invite the CBN Governor, relevant officials, pension administrators and regulators, alongside representatives of the affected retirees. They are expected to explain their positions and provide documents for the committee’s examination.
The investigation will assess the bank’s obligations under the agreements governing its former employees’ pension benefits. It will also establish whether the administration and payment of those benefits comply with the applicable contractual terms.
Jallo said alleged failures to honour approved agreements had caused serious financial difficulties for affected pensioners. He asked the House to examine complaints that shortcomings in the implementation of pension policies had created unequal benefits and left retirees awaiting payments.
The Harmonisation Policy will receive particular attention. The committee will examine how authorities approved it, why implementation allegedly stalled or fell short, and what consequences followed for pensioners.
Its assignment also includes establishing the outstanding arrears attributable to any failure to implement the policy.
Lawmakers further asked the committee to scrutinise allegations that authorities had denied some eligible retirees general pension increases by imposing conditions without adequate legal or policy backing. The panel will determine whether such requirements comply with relevant laws, binding agreements and approved pension arrangements.
The House recommended that all eligible former CBN employees receive applicable general pension increases without discrimination, subject to the laws and policies governing their entitlements.
To assess the complaints, the committee will review contractual agreements, policy circulars, payment records and actuarial reports. It will use the records to identify any administrative failures or breaches and recommend corrective action.
Jallo also drew attention to the shrinking number of CBN pensioners. He said the population had fallen from 5,104 in 2011 to approximately 3,000, a reduction of more than 2,100.
He described the decline as an average annual loss of about 140 pensioners and warned that deaths could increase as the surviving retirees grew older.
The House expressed concern that prolonged delays in settling pension obligations could leave elderly and vulnerable retirees facing poverty, deteriorating health and avoidable deaths. Lawmakers said former employees deserved transparent administration of their benefits and timely payment of everything lawfully due to them.
The parliamentary account did not include a response from the CBN to the allegations. The bank’s explanations and supporting records will form part of the inquiry, after which the committee will submit its findings for further legislative consideration.