Retirees of the Central Bank of Nigeria (CBN) have called on President Bola Ahmed Tinubu to intervene in what they describe as persistent pension mismanagement, citing unpaid arrears, unresolved anomalies, and financial hardship affecting hundreds of former staff.
The aggrieved pensioners allege that despite court rulings and repeated appeals to the Bank’s management, issues relating to notional promotions, pension adjustments, and arrears remain unresolved, leaving many retirees in precarious financial situations.
“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,” their representatives said.
The retirees claim that subsequent early-exit programmes were fully honoured, putting earlier retirees at a disadvantage and causing avoidable financial hardship.
Disputes over pension adjustments following a 2010 Supreme Court judgment have also created disparities. The Bank allegedly applied adjustment rates from other institutions rather than aligning them with serving CBN staff, resulting in retirees from certain periods earning less than others. Corrections made in 2015 still left four years of arrears unpaid.
Concerns were also raised over pensions under the 2011 early-exit programme, where gratuities were calculated on terminal emoluments, but pensions were pegged to outdated salary levels, effectively ignoring intervening promotions. A “Settlement Agreement” introduced in January 2025 reportedly excluded pensioners who declined to admit compliance, leaving many without increases.
While the retirees acknowledged recent reforms by CBN Governor Olayemi Michael Cardoso, including measures stabilising the foreign exchange market, they insist that pension injustices remain unresolved. They commended Attorney General Lateef Olasunkanmi Fagbemi for efforts made 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,” the retirees said.
