The Managing Director of the Bank of Agriculture, Ayo Sotinrin, has assured retirees that the outstanding 53-month pension arrears will be paid under the Defined Pension Scheme by the end of June 2026. This commitment comes after 12 years of unfulfilled promises, during a meeting with representatives of two major pensioner associations: the Federal Parastatals and Private Sector Pensioners Association of Nigeria (FEPPPAN) BOA branch and the Nigeria Union of Pensioners (NUP) BOA sectional unit.
Background of the Arrears
The outstanding arrears, valued at N257.18 million, stem from a 33 per cent pension increment approved by the National Salaries, Income and Wages Commission, covering 54 months from July 2010 to December 2014. However, the bank reportedly paid only one month of the approved increment, amounting to N5.05 million, leaving a balance of 53 months unpaid.
Sotinrin's Assurance
In a statement signed by the bank’s Acting Head of Human Resources Development Department, Bella Samson, Sotinrin commended the pensioners for their patience, understanding, and restraint despite the prolonged delay. He acknowledged their sacrifices and contributions to the growth of the institution, assuring them that the current management would prioritise the resolution of the outstanding arrears.
The meeting, led by the Executive Director of Corporate Services, Fatima Garba, brought together the bank’s management and pensioner representatives. Garba urged the pensioners to continue working in peace and harmony with all relevant bodies while praying for the progress of the bank.
Pensioners' Concerns
Speaking on behalf of their members, the Caretaker Committee Chairman of FEPPPAN, S.O. Momoh, and the NUP Chairman of the BOA sectional unit, Mal Isah Ijah, explained that the meeting was convened to find an immediate solution to the long-standing arrears. They noted that the matter had remained unresolved for about 12 years despite several reminder letters sent to successive BOA management teams since 2015.
The pensioners further disclosed that the bank, in a letter dated September 22, 2020, had acknowledged the arrears in correspondence with the Pension Transitional Arrangement Directorate, raising their hopes that the amount would eventually be paid. However, they lamented that previous managements repeatedly promised to settle the arrears but failed to fulfil those commitments.
Optimism for Resolution
Momoh and Mal Ijah commended Sotinrin for convening the meeting and expressed optimism that the new board and management would resolve the matter once and for all. They also expressed hope that the administration of President Bola Tinubu would encourage the bank to prioritise pensioners’ welfare and ease their suffering.
While appreciating the Managing Director for his assurance and willingness to use his office to facilitate the payment, the pensioners’ leaders said they were confident the promise would be fulfilled within the shortest possible time, adding that Sotinrin had given them renewed hope through his direct engagement.
