The National Union of Pensioners FBN Unit has levied serious allegations against FirstBank of Nigeria, accusing the bank’s management of failing to adhere to court orders, pension reforms, and previously signed agreements.
In a press statement released on Monday, Pastor Gimbason John, the union’s National Chairman, condemned FirstBank for what he described as a persistent disregard for the rights of its former employees. He highlighted that pensioners have faced prolonged frustration in securing fair pension payments.
The union claims that its efforts to contact Folake Ani-Mumuney, Head of Marketing and Corporate Communications at FirstBank, for comment on these issues have been unsuccessful, with no responses to multiple calls and emails.
Gimbason detailed that the struggle for fair pension practices at FirstBank dates back to 2008, with collective bargaining efforts that included a significant legal victory at the Investment and Security Tribunal in 2010. Despite this ruling, he alleges that FirstBank opted to appeal, stalling proceedings, and leaving the case unresolved in a Lagos High Court.
Recent meetings, including one in September 2023, have not resulted in any significant progress, according to Gimbason, who expressed frustration over the bank’s continual delays and lack of transparency.
One key issue is FirstBank’s alleged failure to increase pension payments every five years, as mandated by a 2016 court ruling. The union reports that current payments range from N4,500 to N84,000 monthly, with former senior management retirees receiving as little as N60,000 to N84,000. This inadequate support has, Gimbason claims, led to the untimely deaths of retirees who cannot afford necessary healthcare.
In 2018, the union reached a Memorandum of Understanding with FirstBank following a protest at the bank’s Coomassie House in Abuja, but alleges that the bank has since refused to honor this agreement.
Gimbason revealed that FirstBank pensioners are among the lowest paid in the financial sector, despite the bank’s stature as one of Nigeria’s largest. The union has given FirstBank a two-week ultimatum to enter negotiations and raise pension payments to N150,000 per month. Failure to meet this demand will prompt the union to mobilize over 5,000 pensioners for protests at FirstBank branches nationwide, including the head office in Marina, Lagos.
Additional demands include an increase in yearly medical allowances from N30,000 to N300,000 or the provision of free medical care for all pensioners, an investigation into the alleged disappearance of pension funds worth over N300 billion, and representation of pensioners on the bank’s board.
Gimbason has called on the Central Bank of Nigeria, the bank’s board chairman, and the public to intervene and ensure that FirstBank complies with court orders and treats its former employees with the respect they deserve.
“We are old men and women who no longer fear death,” Gimbason concluded.