The Nigerian House of Representatives has initiated an investigation into complaints regarding the retirement benefits of former Central Bank of Nigeria (CBN) employees. The probe, led by the Committee on Pension, aims to uncover the facts behind unpaid pension arrears and recommend solutions. This move comes after lawmaker Hussaini Mohammed Jallo raised concerns about the non-payment of benefits, citing financial difficulties faced by affected pensioners.
The investigation will focus on the CBN's obligations under pension agreements and the implementation of the Harmonisation Policy. The committee will assess whether the administration and payment of pension benefits comply with contractual terms. Relevant stakeholders, including the CBN Governor, pension administrators, and regulators, will be invited to provide explanations and documents. This inquiry seeks to address allegations of unequal benefits and delayed payments to retirees.
The Harmonisation Policy will be a key area of focus, with the committee examining its approval, implementation, and consequences for pensioners. The panel will also investigate allegations that some eligible retirees were denied general pension increases due to conditions without adequate legal or policy backing. The goal is to ensure that all eligible former CBN employees receive applicable general pension increases without discrimination.
To conduct the investigation, the committee will review contractual agreements, policy circulars, payment records, and actuarial reports. This will help identify administrative failures or breaches and inform recommendations for corrective action. The committee has been given four weeks to complete its task. The investigation's findings will be submitted for further legislative consideration.
According to Jallo, the number of CBN pensioners has declined significantly, from 5,104 in 2011 to approximately 3,000, a reduction of over 2,100. He warned that the surviving retirees' growing age could lead to increased deaths if pension obligations are not addressed. The House expressed concern that delayed payments could leave elderly retirees facing poverty, deteriorating health, and avoidable deaths.
The House has urged the CBN and relevant authorities to verify outstanding claims and settle all arrears lawfully owed to affected retirees within a reasonable period. The committee's inquiry will also examine allegations of failures to honour approved agreements, which have caused financial difficulties for pensioners. The goal is to ensure transparent administration of benefits and timely payment of entitlements.
The investigation's outcome will be crucial in resolving the pension issues affecting former CBN employees. The committee's findings and recommendations will inform further legislative action. The CBN's response to the allegations will be part of the inquiry, and the bank's explanations and supporting records will be examined.
Key points
- The Nigerian House of Representatives has ordered an investigation into unpaid retirement benefits of former Central Bank employees.
- The investigation will focus on the implementation of the Harmonisation Policy and allegations of unequal benefits and delayed payments.
- The committee has been given four weeks to complete its task and submit its findings for further legislative consideration.
