Retired employees of the Central Bank of Nigeria have called on President Bola Ahmed Tinubu to step in over what they describe as persistent mismanagement of their pensions, including unpaid arrears and lingering discrepancies affecting hundreds of former staff members.
The pensioners, expressing deep frustration, alleged that despite court rulings and multiple appeals to the bank’s leadership, significant concerns surrounding notional promotions, pension reviews, and outstanding payments have yet to be resolved. According to them, the delays and inconsistencies have pushed many retirees into financial hardship.
Through their representatives, the group explained that years ago, the bank suspended the promotion of employees who were otherwise due for advancement. During the early retirement programmes conducted in 2002 and 2004, the institution reportedly assured eligible staff that they would be elevated to the next grade level. Many workers, they said, accepted early retirement based on that promise. However, implementation of those promotions was not effected until 2019, and arrears were only calculated from July 2015 instead of from the retirees’ respective exit dates.
They further argued that similar commitments made to participants in later early-exit schemes were fully honoured without delay, thereby putting earlier retirees at a disadvantage. According to them, this unequal treatment has caused avoidable financial strain and raised concerns about fairness and consistency in the bank’s decisions.
Addressing pension adjustments linked to a 2010 ruling by the Supreme Court of Nigeria, the retirees contended that the bank’s mode of implementation created fresh inequalities. Rather than adjusting pensions in line with increments granted to its own serving employees, they claimed the bank applied rates used in other institutions. This, they said, resulted in a situation where individuals who retired before May 2000 and after December 2006 earned higher pensions than those who retired between those periods.
Although corrections were reportedly introduced in July 2015, the retirees maintained that four years’ worth of underpaid arrears were never settled. They described this omission as inconsistent with acceptable financial and regulatory standards, particularly for a central banking institution.
The group also criticised how pensions were calculated under the 2011 early-exit programme. While gratuities were reportedly based on final salaries, pensions were tied to 2009 salary scales, effectively disregarding promotions that occurred afterward.
In addition, they raised objections to a “Settlement Agreement” introduced in January 2025 while contempt proceedings and an appeal initiated by the bank were still pending. According to the retirees, pension increments were made conditional on beneficiaries affirming compliance with the agreement, leaving out those who declined to do so.
Despite acknowledging reforms under the current CBN Governor, Olayemi Michael Cardoso—particularly efforts aimed at stabilising the foreign exchange market and restoring public confidence—the retirees insisted that the longstanding pension issues remain unresolved and require urgent presidential intervention.