ABUJA, NIGERIA — The House of Representatives has resolved to invite the Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, over alleged breaches of contractual pension agreements and systemic delays in paying retirement benefits to former apex bank personnel.
The resolution was passed during Tuesday’s plenary session on November 3, 2026, following a motion of urgent public importance regarding non-compliance with pension policies and non-implementation of the approved pension harmonization framework.
The green chamber mandated its Committee on Pension to conduct a comprehensive investigation into allegations that the CBN failed to honor agreements guiding the administration and disbursement of entitlements due to its retired workforce.
Under the directive, Committee members will examine policy circulars, actuarial reports, and financial payment records to determine the exact volume of outstanding arrears, account for harmonization delays, and establish administrative failures leading to the non-payment of benefits.
Lawmakers expressed grave concern over reports indicating that over 2,100 CBN pensioners have died while awaiting their lawful entitlements, emphasizing that extra-statutory demands and arbitrary exclusions from general pension increases violate existing statutory protections.
In addition to Cardoso, the House ordered relevant financial regulatory officials, pension administrators, and representatives of the affected retirees’ association to appear before the investigative panel.
The House Committee on Pension has been given four weeks to complete its inquiry and submit a detailed report with recommendations for legislative action and remedial payments.
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