The House of Representatives has invited the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, to explain alleged violations of approved pension agreements and delays in paying retirement benefits to former employees of the apex bank.

The resolution followed the adoption of a motion sponsored by the member representing Igabi Federal Constituency of Kaduna State, Hussaini Jallo, during Tuesday’s plenary.

The motion sought an investigation into the alleged non-implementation of the pension harmonisation policy, breaches of approved agreements and the exclusion of some retirees from general pension increases.

Presenting the motion, Jallo expressed concern that the failure to implement the harmonisation policy properly had created disparities in pension benefits and contributed to the accumulation of unpaid arrears, leaving affected retirees in financial hardship.

He also questioned the alleged exclusion of some pensioners from general increases on the grounds of additional or extra-statutory demands that might not be consistent with existing laws, contractual agreements or approved pension policies.

The lawmaker disclosed that the number of CBN pensioners had declined from 5,104 in 2011 to approximately 3,000, representing a reduction of more than 2,100 retirees.

He said the figures indicated an average decline of about 140 pensioners annually, warning that prolonged delays in settling retirement benefits could expose elderly retirees to poverty, ill health and avoidable deaths.

Following the adoption of the motion through a voice vote, the House urged the CBN and other relevant authorities to verify and pay all outstanding arrears lawfully due to affected pensioners within a reasonable and clearly defined period.

It also called for the extension of applicable general pension increases to all eligible retirees in accordance with relevant laws.

The lawmakers mandated the House Committee on Pension to investigate the alleged breaches of contractual agreements and examine the circumstances surrounding the approval and delayed implementation of the harmonisation policy.

The committee is expected to determine the amount of outstanding arrears, assess the impact of the delays on pensioners and establish whether the exclusion of some retirees from general increases complies with applicable laws and approved policies.

Cardoso, relevant CBN officials, pension administrators, regulators and representatives of affected pensioners have been invited to appear before the House and provide explanations alongside supporting documents.

The committee will also review pension agreements, policy circulars, payment records and actuarial reports to identify any administrative failures and recommend appropriate corrective measures.

The investigation is intended to establish the facts surrounding the complaints and ensure that eligible former CBN employees receive their lawful retirement entitlements.