Retirees seek Tinubu’s intervention over unpaid pensions, arrears

Retirees of the Central Bank of Nigeria (CBN) have appealed to President Bola Ahmed Tinubu to intervene in what they describe as longstanding pension maladministration, including unpaid arrears and unresolved anomalies affecting hundreds of former staff

The aggrieved pensioners allege that despite judicial pronouncements and repeated representations to the Bank’s management, key issues relating to notional promotions, pension adjustments, and arrears remain unsettled, leaving many retirees in financial distress.

Speaking through their representatives, the retirees said: “Several years ago, the Bank stalled promotions of employees who were otherwise eligible. During the 2002 and 2004 early-exit exercises, the Bank undertook to advance qualified staff to the next grade level, and many retired in reliance on that assurance. Implementation was delayed until 2019, with arrears backdated only to July 2015 rather than to our respective dates of retirement.”

They further stated: “By contrast, the Bank fully honoured similar commitments in subsequent early-exit programmes, thereby placing earlier retirees at a clear disadvantage. The affected pensioners have endured avoidable financial hardship and continue to question the basis for this differential treatment.”

On the issue of pension adjustments following a 2010 judgment of the Supreme Court of Nigeria, the retirees alleged that the CBN’s implementation created disparities among pensioners.

“Instead of applying rates corresponding to increases granted to its own serving counterparts, the Bank aligned adjustments with rates applicable in other establishments. This created a serious anomaly where pensioners who retired before May 2000 and after December 2006 began earning more than those who retired within the intervening period,” they said.

According to them, although corrections were eventually effected in July 2015, arrears for four years of underpayment were not paid. “Such omission is inconsistent with standard financial and regulatory practice, particularly for an apex banking institution,” they added.

The retirees also faulted the computation of pensions under the 2011 early-exit programme, noting that while gratuities were calculated based on terminal emoluments, pensions were pegged to 2009 salary levels, effectively nullifying intervening promotions.

They expressed concern over a “Settlement Agreement” introduced in January 2025 while contempt proceedings and an appeal initiated by the CBN were pending. “The Bank conditioned pension increases on pensioners’ admission of compliance. Those who declined were excluded,” they claimed.

While acknowledging recent reforms introduced by the CBN Governor, Olayemi Michael Cardoso, particularly in stabilising the foreign exchange market and strengthening public confidence, the retirees insisted that the pension crisis remains unresolved.

They also commended the efforts of the Attorney General of the Federation, Lateef Olasunkanmi Fagbemi, but urged further action.

“We respectfully appeal to President Bola Ahmed Tinubu to urgently prevail on the CBN Governor to resolve these longstanding pension injustices and restore the rights, dignity and financial security of affected retirees. Justice delayed should not continue to be justice denied,” they said.

Culled from vanguard