CBN Retirees Seek Presidential Intervention Over Alleged Pension Arrears and Disparities
A group of retirees from the Central Bank of Nigeria (CBN) has called on President Bola Tinubu to step into an ongoing dispute over pension payments and alleged administrative lapses affecting former staff of the apex bank.
In a statement titled “Urgent Appeal on Pension Maladministration at the Central Bank of Nigeria,” the pensioners accused the institution of failing to settle outstanding arrears tied to notional promotions and of implementing pension adjustments in a manner they say created financial disparities among retirees.
The former employees urged the President to direct the current CBN leadership to address what they described as “longstanding pension injustices” and to restore what they consider their rightful financial entitlements.
“We respectfully appeal to President Bola Tinubu to urgently prevail upon the CBN Governor to resolve these longstanding pension injustices and restore the rights, dignity and financial security of affected retirees,” the statement read.
Dispute Over Notional Promotions
Central to the retirees’ grievances is the handling of notional promotions linked to the Bank’s early-exit programmes of 2002 and 2004. According to the group, eligible staff members were assured advancement to the next grade level prior to retirement under the scheme. Many, they said, accepted early exit on the understanding that these grade adjustments would be reflected in their pension calculations.
However, the retirees allege that while the promotions were eventually implemented in 2019, the associated arrears were only backdated to July 2015 rather than to the respective retirement dates of the affected staff. This, they argue, resulted in significant unpaid sums.
They further claimed that similar commitments made to participants in subsequent early-exit programmes were fully honoured, creating what they describe as unequal treatment between different batches of retirees.
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The pensioners questioned the Bank’s financial priorities, arguing that outstanding pension obligations should be settled before declarations of institutional profits.
Pension Adjustment Controversy
The retirees also raised concerns regarding pension adjustments made in 2011, following a 2010 judgment by the Supreme Court. According to them, the CBN implemented the adjustments using rates aligned with serving staff in other establishments rather than applying rates relevant to its own employees.
They contend that this approach led to discrepancies in pension payments, with some retirees—particularly those who exited before May 2000 and after December 2006—receiving higher pensions than colleagues who retired between those periods.
Although the Bank reportedly corrected the anomaly in July 2015, the retirees allege that arrears covering approximately four years of underpayment were not disbursed.
“The Bank declined to reverse or rectify this anomaly and allowed it to persist until July 2015, when it effected corrections but refused to pay arrears for the four years of underpayment,” the statement said, describing the omission as inconsistent with standard financial practice.
2011 Early-Exit Programme Concerns
Another area of contention relates to the early-exit programme initiated in 2009 and implemented in 2011. While gratuities were reportedly calculated based on terminal emoluments, the retirees allege that pensions were pegged to 2009 salary levels, effectively disregarding subsequent promotions earned before retirement.
In addition, the group disclosed that in January 2025, amid ongoing legal proceedings including contempt claims and an appeal filed by the Bank, the CBN issued a “Settlement Agreement” asserting compliance with prior obligations. According to the retirees, the agreement required pensioners to acknowledge the Bank’s compliance as a condition for receiving pension increases. Those who declined to sign were allegedly excluded.
Appeal for Resolution
While expressing appreciation for reforms introduced by CBN Governor Olayemi Cardoso in areas such as foreign exchange management and banking consolidation, the retirees maintained that the pension dispute remains unresolved.
They also acknowledged the intervention of Attorney General Lateef Olasunkanmi Fagbemi and called for further action to ensure full compliance with applicable laws and court judgments.
The development has sparked reactions among members of the public, with some observers urging the retirees to pursue further legal redress, while others questioned how such disputes could arise within Nigeria’s apex financial institution.
As of the time of reporting, the CBN had not issued an official response to the latest appeal. The retirees maintain that timely intervention is necessary to prevent further financial hardship among affected former staff.