House of Reps to Summon CBN Governor Over Alleged Pension Agreement Breaches, Unpaid Benefits

The House of Representatives has resolved to summon the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, over allegations that the apex bank failed to honour approved pension agreements and pay outstanding benefits owed to its retired employees.

The decision followed the adoption of a motion during plenary on Tuesday, November 3, 2026. The motion, 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,” was sponsored by Hussaini Jallo, who represents Igabi Federal Constituency of Kaduna State.

Presenting the motion, Jallo expressed concern over what he described as alleged violations of agreements guiding pension entitlements and the welfare of retired CBN employees.

He explained that the alleged failure to implement the harmonisation policy had created differences in pension payments among retirees and resulted in the accumulation of unpaid arrears.

According to the lawmaker, the situation has reportedly left affected pensioners facing financial difficulties, despite the agreements intended to protect their retirement benefits.

Jallo told the House that the alleged non-implementation and improper execution of the harmonisation policy may have contributed to disparities in pension entitlements and the continued accumulation of unpaid benefits.

In his words, “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.”

The proposed summons is expected to give Cardoso an opportunity to respond to the allegations and explain the CBN's handling of pension agreements, harmonisation policies and outstanding payments owed to its former employees.

The development comes amid growing concerns over the welfare of retired workers and the need for institutions to fulfil their obligations to pensioners who depend on their retirement benefits.