The pensioners accuses FirstBank of Nigeria of ignoring court orders and agreements on pension reforms.
[dropcap]T[/dropcap]he National Union of Pensioners FBN Unit has accused the management of FirstBank of Nigeria of refusing to comply with court orders, pension reforms, and signed agreements.
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According to the union’s National Chairman, Pastor Gimbason John, FirstBank has consistently failed to respect the rights of its former employees.
In a press statement issued on Monday, Gimbason criticised the bank for frustrating its pensioners, many of whom receive meagre stipends.
The pensioners’ struggle dates back to 2008 when the union initiated collective bargaining efforts. In 2010, the union won a ruling from the Investment and Security Tribunal, but Gimbason alleged that FirstBank ignored the ruling and appealed the case, which has remained unresolved in a Lagos High Court.
He expressed disappointment at the bank’s lack of engagement, citing failed meetings, including one as recent as September 2023, that did not yield any progress.
One of the key issues is FirstBank’s alleged failure to review pension payments every five years, as mandated by a 2016 court ruling.
Gimbason noted that many pensioners receive as little as N4,500 to N84,000 per month, with former senior managers receiving between N60,000 and N84,000.
The union claimed this grossly inadequate pension has led to the untimely deaths of some retirees, who could not afford proper healthcare.
In 2018, the pensioners reportedly reached a Memorandum of Understanding with FirstBank after a protest at the bank’s Coomassie House in Abuja.
However, Gimbason alleged that the bank had refused to honour the agreement. He further claimed that FirstBank pensioners are the lowest paid in the financial sector, despite the bank being one of the largest in Nigeria.
The union has issued FirstBank a two-week ultimatum to engage in negotiations and increase pension payments to N150,000 per month.
Should the bank fail to meet this demand, over 5,000 pensioners plan to stage protests at various FirstBank branches across Nigeria, including its headquarters in Marina, Lagos.
Additionally, the union is demanding an increase in yearly medical allowances from N30,000 to N300,000, or free healthcare for all pensioners.
Gimbason also called for an investigation into the alleged disappearance of pension funds, rumoured to be worth over N300 billion.
He urged the Central Bank of Nigeria, the bank’s board chairman, and the public to intervene, stressing that the pensioners deserve respect and fair treatment.
“We are old men and women who no longer fear death,” Gimbason said, appealing for justice and compliance with the court orders.
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