Pensioners of the defunct National Electric Power Authority (NEPA) and Power Holding Company of Nigeria (PHCN) have demanded an investigation into the delay in the payment of over N350 billion in outstanding pension arrears.

The retired workers claimed that the Federal Government had released the money to the Pension Transitional Arrangement Directorate (PTAD).

The pensioners, under the Concerned NEPA/PHCN Pensioners’ Pressure Group, alleged that the funds had been made available to PTAD since May 2026 but that payment to beneficiaries had yet to commence as of August 10.

They also called on the Federal Ministry of Finance, the Independent Corrupt Practices and Other Related Offences Commission (ICPC), the Economic and Financial Crimes Commission (EFCC) and relevant authorities to investigate the circumstances surrounding the alleged delay and establish what has happened to the funds.

In a statement issued by the group, its Chairman, Oladimeji Dunmoye, said the pensioners were increasingly concerned about the prolonged delay, particularly given the age and financial circumstances of many beneficiaries.

According to him, a senior PTAD official had assured the group during a meeting in Abuja on June 16 that the Directorate had received arrears from the Federal Government on behalf of PHCN pensioners. That disbursement would commence in June or, at the latest, between July and December 2026.

The pensioners, however, questioned why disbursement had not commenced despite the alleged release of the funds.

The group alleged that more than N350 billion required to settle outstanding entitlements of PHCN retirees had been credited to PTAD’s accounts more than 10 weeks ago.

It claimed that the continued delay had heightened anxiety among pensioners, many of whom depend solely on their monthly pensions for food, healthcare and other basic needs.

The group alleged that PTAD had failed to provide sufficient information to pensioners on the computation of their pensions and outstanding arrears, thereby creating uncertainty over what individual retirees were entitled to receive.

The pensioners’ spokesperson, Oladotun Ayodeji, described the alleged delay in payment as a betrayal of the trust of elderly retirees.

He urged the Federal Government to establish the status of the arrears and determine whether the funds had been released to PTAD, when they were received and why payment had not commenced.

The group also demanded a comprehensive review of the Directorate’s payroll and payment records for PHCN pensioners since PTAD began administering their pensions in 2014.

It further called for an investigation into the activities of the associations representing PHCN retirees, insisting that only legitimately recognised representatives should participate in decisions concerning the welfare and entitlements of pensioners.

The pensioners warned that they could mobilise to the PTAD headquarters if payment did not commence, while demanding that any official or other individual found to have deliberately obstructed the disbursement of the arrears should be held accountable.

Efforts made by The Guardian to reach PTAD were futile as calls placed were not picked up as at press time.