Pensioners of the defunct National Electric Power Authority (NEPA) and Power Holding Company of Nigeria (PHCN) have threatened to stage nationwide protests over the delay in the disbursement of more than N350 billion in pension arrears.

The retirees accused officials of the Pension Transitional Arrangement Directorate (PTAD) and some union leaders of frustrating the payment process.

They have called on the Federal Ministry of Finance and anti-corruption agencies to intervene, investigate the alleged bottlenecks, and ensure immediate payment of the outstanding entitlements.

The aggrieved pensioners, under the aegis of Concerned NEPA/PHCN Pensioners, warned that they may occupy PTAD headquarters in Abuja and liaison offices across the country if the long-awaited payments do not commence within 48 hours.

The group alleged that the Federal Government had approved and released the cumulative pension arrears in May 2026 after the funds had reportedly remained tied down for over a decade at the Central Bank of Nigeria (CBN).

According to the pensioners, despite the alleged release of funds, PTAD has yet to commence disbursements to nearly 10,000 retirees who have waited over 25 years for settlement of their entitlements.

Chairman of the pressure group, Oladimeji Dunmoye, claimed that reliable sources within PTAD’s finance department confirmed that the total sum required to offset the outstanding arrears had been credited to the agency more than four weeks ago.

He alleged that the delay in payment may be the result of a “strategic alliance” between some senior PTAD officials and factional union leaders, allegedly aimed at stalling the process.

Dunmoye further claimed that pensioners were being pacified with explanations of “technical verification” and “payroll synchronisation issues,” which he described as misleading.

“The money was allegedly released in May, but pensioners are still being told to wait. Many of our members are sick, struggling, and some have died waiting for these arrears,” he said.

Vice Chairman of the forum, Ayodeji Oladotun, described the situation as an alleged betrayal of trust, questioning why payments had not commenced despite claims that the funds were already available.

The pensioners also alleged that PTAD’s electronic payment system was fully functional and that the continued delay may be intentional.

Efforts to get PTAD’s reaction were unsuccessful, as calls placed to the agency for clarification were not answered as of the time of filing the report.