The House of Representatives has resolved to invite the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, to explain alleged breaches of pension agreements and the non-payment of outstanding benefits to retired employees of the apex bank.

The resolution followed the adoption of a motion on Tuesday titled, “Need to investigate the Central Bank of Nigeria for alleged breach of approved pension agreements, non-implementation of harmonisation policy and exclusion of pensioners from general pension increases.”

The motion was moved by the member representing Igabi Federal Constituency of Kaduna State, Hussaini Jallo, who raised concerns over the alleged failure of the CBN to honour agreements governing the pension entitlements and welfare of its retired employees.

Presenting the motion, Jallo said the alleged non-implementation and faulty execution of the pension harmonisation policy might have created disparities in pension payments and led to the accumulation of unpaid arrears, leaving affected retirees in financial hardship.

He expressed concern that pensioners who depend on their retirement benefits for their livelihood were being denied entitlements allegedly due to them.

“The House is concerned that the alleged non-implementation and faulty execution of the harmonisation policy may have led to disparities in pension benefits and the accumulation of unpaid arrears, ultimately denying rightful entitlements and imposing severe financial hardship on affected pensioners who depend on these funds for their livelihood,” he said.

The lawmaker also questioned allegations that some retired CBN employees had been excluded from general pension increases because of additional or extra-statutory demands that might not align with existing laws, binding agreements or approved pension policies.

Jallo further disclosed that the number of CBN pensioners had dropped from 5,104 in 2011 to approximately 3,000, representing a decline of more than 2,100 retirees.

He said the figures indicated an average reduction of about 140 pensioners annually, warning that the mortality rate could increase as the surviving retirees continued to advance in age.

According to him, prolonged delays in the payment of pension benefits could expose elderly and vulnerable pensioners to poverty, ill health and avoidable loss of life.

He maintained that Nigerians who had served the country deserved fairness, transparency and the prompt payment of all benefits lawfully due to them.

“The House acknowledges the need for legislative oversight to establish the facts, determine the extent of any breaches or administrative failures, and ensure that all eligible pensioners receive their lawful entitlements,” Jallo said.

The motion received overwhelming support from lawmakers during a voice vote conducted at plenary presided over by the Speaker, Tajudeen Abbas.

Following its adoption, the House urged the CBN and other relevant authorities to verify and pay all outstanding pension arrears lawfully due to affected retirees within a reasonable and clearly defined period.

It also called for the extension of applicable general pension increases to eligible pensioners in accordance with relevant laws.

The lawmakers subsequently invited Cardoso and other relevant officials, alongside pension administrators, regulators and representatives of the affected pensioners, to appear before the House and provide explanations.

They are also expected to submit relevant documents to assist the investigation.

The House mandated its Committee on Pension to investigate allegations of non-compliance by the CBN with contractual agreements governing the administration and payment of retirement benefits to its former employees.

The committee is expected to examine the terms and obligations contained in the agreements, particularly the circumstances surrounding the non-implementation of the harmonisation policy, the reasons for the delay and the total amount of outstanding arrears.

It will also investigate the alleged exclusion of eligible pensioners from general pension increases on the basis of extra-statutory demands and determine whether such actions comply with applicable laws, contractual obligations and approved pension policies.

As part of its assignment, the committee will review relevant documents, including contractual agreements, policy circulars, payment records and actuarial reports, to establish responsibility for any administrative failures or breaches.

It is also expected to recommend appropriate corrective measures, including the non-discriminatory extension of applicable general pension increases to all eligible retirees in line with relevant laws and approved policies.

The Economic and Financial Crimes Commission (EFCC) has recovered and returned N114 million stolen from a microfinance bank through a cyber fraud scheme.

The commission disclosed this in a post on its official X handle on Friday, stating that the recovered funds were handed over to the financial institution on Thursday.

According to the EFCC, the Acting Zonal Director of its Benin Zonal Directorate, Deputy Commander Sa’ad Hanafi Sa’ad, presented a bank draft worth N114 million to a senior official of the bank, Samuel Ikechukwu.

The recovery followed a petition filed by Ikechukwu in August 2024, after the financial institution discovered that one of its customers’ accounts had been fraudulently hacked and funds withdrawn without authorisation.

The recovery followed a petition filed by Ikechukwu in August 2024, after the financial institution discovered that one of its customers’ accounts had been fraudulently hacked and funds withdrawn without authorisation.

The commission said its investigators traced the stolen money to several suspects, leading to the arrest of one of them, identified as Obumneme Bright.

It added that N114 million was recovered from Bright following his arrest and subsequently returned to the affected financial institution.

The EFCC, however, disclosed that efforts were ongoing to track down and apprehend other suspects allegedly connected to the cyber fraud.

The recovery highlights the commission’s ongoing efforts to investigate financial crimes, recover illicit funds and return stolen assets to their rightful owners.

President Bola Tinubu has asked the Senate to approve the Federal Government’s 2026–2027 Supplementary External Borrowing Plan, seeking loans of $20.52bn and €1.05bn to finance infrastructure and development projects across Nigeria.

The request was transmitted to the National Assembly and read by Senate President Godswill Akpabio during Tuesday’s plenary.

In the letter, Tinubu urged lawmakers to consider and approve the borrowing plan promptly, saying the proposed funds would support critical projects and programmes across infrastructure, agriculture, healthcare, education, water supply, security, employment generation and financial management reforms.

The proposed borrowing amounts to $20,517,755,901 and €1,045,083,643, respectively.

The President said the external financing was necessary to address Nigeria’s infrastructure deficit and bridge the funding gap affecting the implementation of development projects.

“I submit the attached Federal Government 2026–2027 Supplementary External Borrowing Plan for consideration and early approval of the National Assembly to ensure prompt implementation of our projects,” he stated.

Tinubu explained that the projects and programmes were selected following technical and economic evaluations, with emphasis on their expected contributions to Nigeria’s socioeconomic development.

According to him, the initiatives are designed to generate employment, promote skills acquisition, encourage entrepreneurship, reduce poverty and strengthen food security.

“These initiatives aim to generate employment, promote skill acquisition, foster entrepreneurship, reduce poverty and enhance food security, all of which improve the livelihood of the Nigerian child,” the President said.

He added that most of the projects would be implemented across Nigeria’s 36 states and the Federal Capital Territory, highlighting the nationwide scope of the proposed investments.

Tinubu Cites Infrastructure Funding Gap
The President maintained that the scale of Nigeria’s infrastructure needs required additional financing, arguing that external borrowing would help bridge the gap between available resources and the funding required to deliver critical projects.

“In light of the need for significant infrastructure investment in the country and the vast financial resources needed to address this gap, it has become essential to pursue prudent external borrowings to close the financing shortfall,” Tinubu stated.

He said the funds would primarily support critical infrastructure, particularly in the power, transportation and healthcare sectors.

Tinubu urged the Senate leadership and the wider National Assembly to approve the proposal without delay, arguing that timely approval would facilitate fund disbursement and accelerate project implementation.

However, the request is expected to undergo scrutiny by the relevant Senate committees, including an examination of its scope and relationship with the Federal Government’s existing borrowing arrangements.

Akpabio Says Borrowing Plan Was Previously Approved
Reacting after the presidential letter was read, Akpabio said the borrowing plan had featured in previous government borrowing and budgetary arrangements, although he expressed uncertainty about the exact period covered by the earlier approval.

“The borrowing plan is attached, but of course, this was even earlier approved in our budget, and also the external borrowing plan was approved as far back as 2025 to 2027, I think to 2028 or thereabout,” the Senate President said.

Akpabio announced that the request would be referred to the Senate Committee on Local and Foreign Debts for consideration, with possible contributions from the Committees on Appropriations and Finance.

“However, this request will be looked at by the Committee on Local and Foreign Debts, probably in collaboration with Appropriations and Finance, but mainly by the Committee on Local and Foreign Debts,” he stated.

The Senate President also referenced Senator Haruna Manu in connection with the committee’s leadership.

The committee’s review is expected to examine the details of the proposed financing and determine how the supplementary borrowing plan relates to previously approved arrangements before the Senate decides on the next legislative steps.

The proposal would add to the Federal Government’s external financing commitments if approved.

Its consideration is also likely to bring attention to the terms of the proposed loans, the projects to be financed, repayment obligations and the expected economic benefits of the investments.

The Senate has yet to make a final decision on the request, which is to undergo committee consideration.

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