Bank of Agriculture to Pay 53 Months of Pension Arrears to Workers

The Bank of Agriculture has taken a crucial step towards clearing its pension backlog. The Managing Director, Mr Ayo Sotinrin, has assured the bank's pensioners that he'll ensure the payment of their pension arrears by the end of this year. This promise was made 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.

Mr Ayo Sotinrin expressed his deep appreciation for the patience and understanding of the pensioners 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. The Managing Director acknowledged the pensioners' sacrifices and contributions to the growth of the institution. He 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." The pensioners have been waiting for a long time, and it's clear that they deserve to receive their entitlements.

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. 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 Bank of Agriculture paid only one month of the approved increment, amounting to N5.05m. This left an outstanding balance of 53 months, valued at N257.18m. The pensioners are entitled to this amount, and they're hoping to receive it soon.

"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."

• Mr Ayo Sotinrin

The pensioners, led by 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 also expressed optimism that the new board and management would resolve the matter once and for all. The pensioners commended Mr Sotinrin for convening the meeting. They're hopeful that the administration of President Bola Tinubu will encourage the bank to prioritise pensioners' welfare and ease their suffering.

They don't want to wait any longer to receive their entitlements.

The Bank of Agriculture's decision to pay the pension arrears is a significant development, especially considering the prolonged delay in the payment of their entitlements. The bank's management has shown a commitment to resolving the issue. The pensioners are hopeful that the matter will be resolved once and for all. The payment of the pension arrears will bring relief to the affected pensioners and their families, who have been waiting for years to receive their entitlements. They won't have to struggle to make ends meet anymore.

The Bank of Agriculture's pension backlog has been a longstanding issue, with the bank owing its pensioners 53 months of pension arrears. The bank's management has been working to resolve the issue. The recent meeting between the bank's management and the pensioners is a crucial step towards finding a solution. The pensioners are hopeful that the bank will keep its promise and pay the outstanding arrears by the end of the year. They're confident that they'll receive their entitlements soon.

The Bank of Agriculture's decision to pay the pension arrears is a positive development, and the pensioners are hopeful that the matter will be resolved soon. The bank's management has shown a commitment to resolving the issue. The pensioners are confident that they'll receive their entitlements. The payment of the pension arrears will bring relief to the affected pensioners and their families, who have been waiting for years to receive their entitlements. They won't have to worry about their financial security anymore.

The Bank of Agriculture's pension backlog has been a longstanding issue, and the bank's management has been working to resolve the issue. The recent meeting between the bank's management and the pensioners is a crucial step towards finding a solution. The pensioners are hopeful that the bank will keep its promise and pay the outstanding arrears by the end of the year. The bank's decision to pay the pension arrears is a significant development, and the pensioners are confident that they'll receive their entitlements soon. They're looking forward to receiving their payment.

The payment of the pension arrears will have a significant impact on the affected pensioners and their families. The pensioners have been waiting for years to receive their entitlements, and the payment of the arrears will bring relief to them. The bank's management has shown a commitment to resolving the issue, and the pensioners are hopeful that the matter will be resolved soon. The Bank of Agriculture's decision to pay the pension arrears is a positive development, and the pensioners are confident that they'll receive their entitlements. They won't have to struggle to make ends meet anymore.

The Bank of Agriculture's decision to pay the pension arrears is a significant development, and the pensioners are hopeful that the matter will be resolved soon. The bank's management has shown a commitment to resolving the issue, and the pensioners are confident that they'll receive their entitlements. The payment of the pension arrears will bring relief to the affected pensioners and their families, who have been waiting for years to receive their entitlements. The Bank of Agriculture's pension backlog has been a longstanding issue, and the bank's management has been working to resolve the issue. The recent meeting between the bank's management and the pensioners is a crucial step towards finding a solution.

The pensioners are confident that they'll receive their payment by the end of the year, and they're looking forward to it.