Exclusive: Stanbic Bank denies frustrating pensioners' access to N540,000 Tinubu allowance

By Matthew Denis

Stanbic IBTC Pension Managers has formally refuted allegations that it is obstructing pensioners' access to the N540,000 allowance recently approved by President Bola Ahmed Tinubu.

The bank maintains that it remains fully committed to its beneficiaries and has significantly advanced the disbursement process.

The allegations, which surfaced following complaints from some pensioners regarding communication gaps and claims of activation fees, were addressed by Bridget Oyefeso-Odusami, Head of Marketing and Communications for Stanbic IBTC Holdings PLC.

Odusami clarified that the bank is not intentionally withholding funds. Instead, she explained that delays for some beneficiaries are primarily due to incomplete or outdated documentation, necessitating the completion of the mandatory Data Recapture Exercise (DRE).

"We have sent notifications to eligible pensioners through various channels, including SMS and email," Odusami stated. "If pensioners aren't receiving these messages, we encourage them to update their contact information with us by calling our contact center on 0201-2716000 or visiting the nearest Stanbic IBTC Pension Managers office."

Providing data on the disbursement progress, the bank reported that as of March 5, 2026, it had successfully processed payments for over 33,790 eligible retirees. This accounts for more than 75% of the total allocated funds, amounting to over ₦18 billion.

Addressing the remaining 25% of pending disbursements, Odusami noted that these cases are tied to individuals who have yet to complete the DRE, have not yet reached retirement age, or are experiencing unresolved banking issues.

She reiterated that the bank’s internal procedures remain standard and compliant, and she encouraged any pensioner experiencing difficulties to reach out directly to the institution via the official call center or email at pensionsolutions@stanbicIBTC.com.