Nigeria’s House orders CBN pension inquiry

Nigeria’s House of Representatives has ordered an investigation into alleged failures by the Central Bank of Nigeria to meet pension obligations to retired employees, including claims of unpaid arrears and exclusion from general increases. The House adopted a motion sponsored by Hussaini Jallo, who represents Igabi Federal Constituency in Kaduna State, directing its Committee on Pensions to examine the bank’s pension administration. The resolution calls for CBN Governor Olayemi Cardoso and relevant officials, pension administrators, regulators and representatives of affected pensioners to provide explanations and documents. The committee is to examine alleged noncompliance with approved pension agreements and the nonimplementation of the harmonisation policy. It will consider the circumstances surrounding the policy’s approval, reasons for delay, any outstanding arrears and the effects on pensioners. It is also tasked with determining whether eligible retirees were excluded from general pension increases on grounds consistent with applicable laws, agreements and approved policies. The House said the inquiry is intended to establish whether breaches or administrative failures...