A retired Fidelity Bank employee claims he was unjustly denied retirement benefits after nearly 15 years of service, accusing the bank of abruptly cancelling the scheme months before his eligibility
A former employee of Fidelity Bank Plc, who didn’t yet want his name in the press, has accused the bank of unfair labour practices, claiming that his retirement benefits were cancelled just months before he became eligible under the company’s policy.
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The man, who retired eight years ago, revealed that he joined the bank in June 2002 and had spent 14 years and 6 months in service when Fidelity Bank abruptly terminated the benefits scheme in December 2016; six months before he would have reached the required 15-year milestone in June 2017.
“I gave them everything; over 14 years of honest, dedicated service, handling their sensitive dealings with the Central Bank of Nigeria without a single query,” he said, visibly pained.
He now receives ₦71,000 as monthly pension, far less than the ₦64 million in retirement entitlements he believes he would have been due under the original scheme.
Note that ₦64 million in 2016 is approximately worth ₦225.14 million today, assuming an average annual inflation rate of 15% over the period.
“They are just wicked people,” he said.
“How can you tie people down for 15 years with the hope of retirement and then cancel the scheme when some of us were just months away?”
The man served as a Senior Relationship Officer, directly liaising with the CBN, and expressed dismay that the bank failed to honour the sacrifices made by loyal employees.
According to him, a branch manager in Ikorodu was just two months away from qualifying when the policy was cancelled.
He noted that several affected colleagues have died without receiving any form of retirement support.
“The most painful part is that I worked honestly and diligently for more than 14 years, and I’m left with nothing meaningful to show for it.
“Those who were less committed have left the country and are thriving abroad, while those of us who believed in the system are mocked.”
He further lamented that the retirement policy, which was in effect during the tenure of former Managing Director Nnamdi Okonkwo, was discontinued without consultation or compensation for long-serving employees who narrowly missed eligibility.
The bank, which has links to Labour Party presidential candidate Peter Obi, is yet to issue a formal response regarding the claims.
Also read: Fidelity Bank accused of N1.98 million fraudulent deduction by Emense Technology MD
This incident has reignited conversations about employee welfare and the need for transparent and fair retirement policies in Nigeria’s banking sector.
Ojelabi, the publisher of Freelanews, is an award winning and professionally trained mass communicator, who writes ruthlessly about pop culture, religion, politics and entertainment.
