Reps Summon CBN Governor Cardoso Over Alleged Pension Agreement Breaches, Unpaid Retirees’ Benefits

The House of Representatives has resolved to summon the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, over alleged breaches of pension agreements and the failure to pay outstanding retirement benefits to former employees of the apex bank.

The resolution followed the adoption of a motion during plenary on Tuesday, November 3, 2026, 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.”

The motion was sponsored by Hussaini Jallo, who represents Igabi Federal Constituency of Kaduna State.

Presenting the motion, Jallo expressed concern over alleged violations of agreements governing pension entitlements and the welfare of retired CBN employees.

He said the alleged failure to implement the harmonisation policy had created disparities in pension payments and resulted in accumulated arrears, leaving affected retirees in financial hardship.

“The House is concerned that the alleged non-implementation and faulty execution of the harmonisation policy may have led to disparities in pension benefits and the accumulation of unpaid arrears,” Jallo said.

The lawmaker also alleged that some pensioners had been excluded from general pension increases because of additional demands which, he argued, might not be supported by existing laws, agreements or approved pension policies.

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

He warned that prolonged delays in pension payments could expose elderly retirees to poverty, ill health and preventable deaths, stressing that former employees who served the country deserved transparency, fairness and timely payment of their lawful entitlements.

The motion received overwhelming support from lawmakers through a voice vote during the plenary presided over by Speaker Tajudeen Abbas.

Following its adoption, the House urged the CBN and other relevant authorities to verify and pay all outstanding pension arrears owed to eligible retirees within a clearly defined period.

Lawmakers also called for applicable general pension increases to be extended to qualified retirees in line with existing laws.

The House subsequently resolved to invite Cardoso, relevant CBN officials, pension administrators, regulators and representatives of affected pensioners to appear before it and provide explanations, alongside supporting documents.

It also mandated its Committee on Pension to investigate the alleged breaches of pension agreements, particularly the terms governing the administration and payment of retirement benefits.

The committee is expected to examine why the harmonisation policy has not been implemented, the circumstances surrounding the delays and the total amount of outstanding pension arrears.

It will further investigate the alleged exclusion of eligible pensioners from general increases and determine whether the practice complies with existing laws and approved pension policies.

As part of the investigation, the committee will review relevant agreements, policy circulars, payment records and actuarial reports to establish responsibility for any administrative failures and recommend appropriate corrective measures.