The Managing Director of the Bank of Agriculture, Ayo Sotinrin, has assured the bank’s pensioners that efforts are underway to clear their outstanding pension arrears.

He expressed optimism that payments under the bank’s Defined Pension Scheme would be settled before the end of the year.

The assurance was conveyed in a statement issued on Wednesday by the bank’s Acting Head of the Human Resource Development Department, Bella Samson.

According to the statement, Sotinrin gave the assurance during a joint meeting between the bank’s management and representatives of the Federal Parastatals and Private Sector Pensioners Association of Nigeria, Bank of Agriculture branch, as well as the Nigeria Union of Pensioners, Bank of Agriculture sectional unit.

In the statement, Sotinrin, who addressed the pensioners, expressed profound appreciation for their patience, understanding and restraint despite the prolonged delay in the payment of their entitlements. He praised them for sustaining constructive engagement with the bank over the years, describing their conduct as dignified and commendable in the face of hardship.

He also acknowledged their sacrifices and invaluable contributions to the growth and development 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 Chairman of the Nigeria Union of Pensioners, Bank of Agriculture sectional unit, Isah Ijah, called on the Managing Director and his management team to reposition the institution for improved performance.

They explained that the meeting was convened to seek an immediate resolution 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 Bank of Agriculture paid only one month of the approved increment, amounting to N5.05 million, leaving an outstanding balance of 53 months valued at N257.18 million.

They added that the Nigeria Union of Pensioners had sent several reminder letters to successive BOA management teams since 2015, but previous managements repeatedly assured that the arrears would be settled without fulfilling those commitments.

The pensioners commended Sotinrin for convening the meeting and expressed optimism that the new board and management would resolve the issue once and for all.

They also expressed hope that the administration of President Bola Tinubu would encourage the bank to prioritise the welfare of pensioners and alleviate their hardship.