Managing Director and Chief Executive Officer of the Bank of Agriculture, Ayo Sotinrin, has assured retired staff of the institution that outstanding 53-month pension arrears owed under the Defined Pension Scheme will be settled by the end of June 2026.

The assurance was given during a meeting between the bank’s management and representatives of two pensioners’ groups — the Federal Parastatals and Private Sector Pensioners Association of Nigeria BOA branch and the Nigeria Union of Pensioners BOA sectional unit.

The unpaid arrears, estimated at N257.18 million, relate to a 33 per cent pension increment approved by the National Salaries, Income and Wages Commission for the period between July 2010 and December 2014.

According to the pensioners, the bank reportedly paid only one month of the approved increase, amounting to N5.05 million, leaving 53 months unpaid.

In a statement issued by the bank’s Acting Head of Human Resources Development Department, Bella Samson, Sotinrin commended the retirees for maintaining patience and constructive engagement with the institution despite years of delay.

He acknowledged the contributions of the pensioners to the growth of the bank and assured them that the current management would prioritise the settlement of the outstanding entitlements.

The meeting was led by the bank’s Executive Director of Corporate Services, Fatima Garba, who urged the retirees to continue cooperating with relevant authorities while supporting the institution’s progress.

Speaking on behalf of the pensioners, Caretaker Committee Chairman of FEPPPAN, S.O. Momoh, and Chairman of the NUP BOA sectional unit, Isah Ijah, said the engagement was aimed at finding a lasting solution to the unresolved pension arrears.

They explained that the issue had remained unresolved for about 12 years despite repeated letters and appeals to previous management teams since 2015.

The pensioners also noted that the bank had acknowledged the debt in a 2020 correspondence with the Pension Transitional Arrangement Directorate, which raised hopes that the arrears would eventually be paid.

According to the retirees, several past administrations of the bank made similar commitments without fulfilling them.

Momoh and Ijah, however, expressed optimism that the current management under Sotinrin would resolve the matter, describing the meeting as a positive step toward ending the long-standing dispute.

They also appealed to the administration of President Bola Tinubu to continue supporting policies that prioritise the welfare of pensioners.