Retirees of the Bank of Agriculture (BOA) may soon receive long-overdue payments after the bank’s Managing Director, Mr. Ayo Sotinrin, pledged to clear 53 months of outstanding pension arrears under the Defined Pension Scheme.
Sotinrin said the arrears would be fully settled on or before the end of June 2026.
He gave the assurance during a meeting between BOA management and representatives of the bank’s chapter of the Federal Parastatals and Private Sector Pensioners Association of Nigeria (FEPPPAN).
During the meeting, the pensioners informed management that the issue had remained unresolved for about 12 years.
“Thank you for your patience, understanding, and restraint despite the prolonged delay in the payment of your entitlements,” Sotinrin said.
He commended the retirees for their constructive engagement and described their conduct as dignified despite the hardship caused by the prolonged delay.
The managing director assured the pensioners that the current leadership would prioritise the resolution of the arrears and wished them good health and longevity to enjoy their entitlements.
BOA’s Executive Director of Corporate Services, Mrs. Fatima Garba, also urged the pensioners to continue engaging relevant stakeholders calmly and cooperatively.
Speaking on behalf of the retirees, FEPPPAN Caretaker Committee Chairman, Chief S.O. Momoh, and the Nigeria Union of Pensioners (NUP) BOA Sectional Unit Chairman, Malam Isah Ijah, called on the new leadership to reposition the bank for improved performance.
They explained that the meeting was convened to seek a swift resolution to the outstanding arrears arising from pension adjustments approved between 2010 and 2014.
According to the pensioners, the National Salaries, Income and Wages Commission approved a three per cent pension increment covering the period from July 2010 to December 2014.
The retirees also commended Sotinrin for convening the meeting, expressing optimism that the current board and management would finally resolve the longstanding issue.
