The Managing Director of the Bank of Agriculture, Mr Ayo Sotinrin, has assured pensioners of the bank that he would ensure payment of their pension arrears.
The MD expressed confidence that he would facilitate the payment under the Defined Pension Scheme of the bank by the end of this year.
This was contained in a statement made available to our correspondent on Wednesday by the acting Head of Human Resource Development Department of the bank, Bella Samson.
According to the statement, Sotinrin gave the assurance during a joint physical meeting between the bank’s management and representatives of the Federal Parastatals and Private Sector Pensioners Association of Nigeria, Bank of Agriculture branch, and the Nigeria Union of Pensioners, Bank of Agriculture sectional unit.
In the statement, Sotinrin, who addressed the pensioners, expressed deep appreciation for their patience, understanding, and restraint despite the prolonged delay in the payment of their entitlements. He commended them for maintaining constructive engagement with the bank over the years, describing their conduct as dignified and commendable in the face of hardship.
Acknowledging the pensioners’ sacrifices and contributions to the growth of the institution, the MD said, “The current management would prioritise the resolution of the outstanding arrears of 53 months and pray for their renewed strength, good health, and longevity to enable them to enjoy the fruits of their labour.”
Speaking on behalf of the pensioners, the Caretaker Committee Chairman of the Federal Parastatals and Private Sector Pensioners Association of Nigeria, Chief S.O. Momoh, and the NUP Chairman, BOA sectional unit, Isah Ijah, urged the Managing Director and his management team to reposition the institution for better performance.
They explained that the meeting was convened to find an immediate solution to the long-standing arrears arising from the upward review of pensions between 2010 and 2014, noting that the National Salaries, Income and Wages Commission approved a 33 per cent pension increment effective from July 2010 to December 2014, covering 54 months.
However, the BOA paid only one month of the approved increment, amounting to N5.05m, leaving an outstanding balance of 53 months, valued at N257.18m.
They added that the NUP had sent several reminder letters to successive BOA management teams since 2015, but previous management teams repeatedly promised to settle the arrears without fulfilling those commitments.
The pensioners 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.
The Managing Director of the Bank of Agriculture, Mr Ayo Sotinrin, has assured pensioners of the bank that he would ensure payment of their pension arrears.
The MD expressed confidence that he would facilitate the payment under the Defined Pension Scheme of the bank by the end of this year.
This was contained in a statement made available to our correspondent on Wednesday by the acting Head of Human Resource Development Department of the bank, Bella Samson.
According to the statement, Sotinrin gave the assurance during a joint physical meeting between the bank’s management and representatives of the Federal Parastatals and Private Sector Pensioners Association of Nigeria, Bank of Agriculture branch, and the Nigeria Union of Pensioners, Bank of Agriculture sectional unit.
In the statement, Sotinrin, who addressed the pensioners, expressed deep appreciation for their patience, understanding, and restraint despite the prolonged delay in the payment of their entitlements. He commended them for maintaining constructive engagement with the bank over the years, describing their conduct as dignified and commendable in the face of hardship.
Acknowledging the pensioners’ sacrifices and contributions to the growth of the institution, the MD said, “The current management would prioritise the resolution of the outstanding arrears of 53 months and pray for their renewed strength, good health, and longevity to enable them to enjoy the fruits of their labour.”
Speaking on behalf of the pensioners, the Caretaker Committee Chairman of the Federal Parastatals and Private Sector Pensioners Association of Nigeria, Chief S.O. Momoh, and the NUP Chairman, BOA sectional unit, Isah Ijah, urged the Managing Director and his management team to reposition the institution for better performance.
They explained that the meeting was convened to find an immediate solution to the long-standing arrears arising from the upward review of pensions between 2010 and 2014, noting that the National Salaries, Income and Wages Commission approved a 33 per cent pension increment effective from July 2010 to December 2014, covering 54 months.
However, the BOA paid only one month of the approved increment, amounting to N5.05m, leaving an outstanding balance of 53 months, valued at N257.18m.
They added that the NUP had sent several reminder letters to successive BOA management teams since 2015, but previous management teams repeatedly promised to settle the arrears without fulfilling those commitments.
The pensioners 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.
