By Tolulope Eniola
The Managing Director of the Bank of Agriculture, Mr Ayo Sotinrin, has assured pensioners of the bank that the outstanding 53-month pension arrears owed under the Defined Pension Scheme would be settled by the end of June 2026.
Sotinrin gave the assurance during a joint meeting between the bank’s management and representatives of the Federal Parastatals and Private Sector Pensioners Association of Nigeria (FEPPPAN), Bank of Agriculture branch, and the Nigeria Union of Pensioners (NUP), BOA sectional unit.
The pensioners said the matter had remained unresolved for about 12 years despite repeated engagements with successive management of the bank.
Addressing the pensioners, Sotinrin expressed appreciation for their patience, understanding and restraint despite the prolonged delay in the payment of their entitlements.
He described their conduct over the years as dignified and commendable in the face of hardship.
The BOA Managing Director also acknowledged the sacrifices and contributions of the pensioners to the growth of the institution, assuring them that the current management would prioritise the resolution of the outstanding arrears.
He further prayed for their renewed strength, good health and longevity to enable them enjoy the fruits of their labour.
The meeting was led by the Executive Director, Corporate Services of the bank, Fatima Garba, who urged the pensioners to continue to work in peace and harmony with relevant bodies while also praying for the progress of the institution.
Speaking on behalf of the pensioners, the Caretaker Committee Chairman of FEPPPAN, Chief S.O. Momoh and the Chairman of the NUP, BOA sectional unit, Mal Isah Ijah, congratulated Sotinrin and his management team on their appointment and urged them to reposition the bank for improved performance.
The team explained that the meeting was convened to seek an immediate solution to the long-standing arrears arising from the upward review of pensions between 2010 and 2014.
According to the pensioners, the National Salaries, Income and Wages Commission approved a 33 per cent pension increment covering 54 months from July 2010 to December 2014.
They noted, however, that the bank paid only one month of the approved increment valued at N5.05 million, leaving an outstanding balance of 53 months amounting to N257.18 million.
The associations further recalled that the bank, in a letter dated September 22, 2020, acknowledged the arrears in correspondence with the Pension Transitional Arrangement Directorate, raising hopes that the liabilities would eventually be cleared.
They added that the Nigeria Union of Pensioners had sent several reminder letters to successive BOA management teams since 2015, but previous administrations failed to fulfil repeated promises to settle the arrears.
The pensioners commended Sotinrin for convening the meeting and expressed optimism that the new board and management would finally resolve the matter once and for all.
They also expressed hope that the administration of Bola Tinubu would support efforts aimed at prioritising pensioners’ welfare and easing their hardship.
Chief Momoh and Mal Ijah thanked the Managing Director for engaging directly with the pensioners and giving them renewed hope, expressing confidence that the outstanding arrears would be paid within the promised timeframe.
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