First Bank pensioners, under the National Union of Pensioners (First Bank Unit), have accused the bank’s management of “exploitative” treatment and demanded immediate increases to their pensions and medical allowances.
They held a protest in front of the corporate headquarters of the bank in Marina, Lagos, on Wednesday.
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In a press statement they shared with PREMIUM TIMES on Wednesday, John Gimbason, National Chairman of the union, said retirees are currently receiving a monthly pension of N15,000 and an annual medical allowance of N30,000, amounts he described as “far below the monthly dog allowance of a director” and unchanged for over two decades.
Mr Gimbason said repeated attempts by the pensioners to engage the bank had been ignored.
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“Recently, we have written three letters requesting for a meeting and received no response from management. This is unacceptable and an outright affront to industrial relations practice,” he said.
He further condemned a recent payoff proposal of N1.5 million, describing it as inadequate to sustain retirees’ livelihoods.
“It is clear that this meager amount is not designed to support our welfare but rather to hasten our demise,” he said.
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The statement called on the public, civil society organisations, and authorities, including the Central Bank of Nigeria and the National Pension Commission, to hold First Bank accountable.
Demands to raise pension
The pensioners demanded that First Bank immediately raise their monthly pension to at least N120,000 and increase their annual medical allowance to a minimum of N500,000.
They also called on the bank to recognise their contributions and show empathy for retirees. In addition, they urged the bank to revise the payoff structure to ensure it is sustainable and allows for fair negotiations.
“We will refuse to be silenced or ignored. We will continue to raise our voices until justice is served,” Mr Gimbason said.
Protest
On Wednesday, the pensioners held a demostration in front of First Bank’s corporate headquarters along Marina in Lagos.
They held placards carrying different requests, accused the bank of failing to implement long-promised adjustments to their annual pension payments.
The retirees stated that they have repeatedly engaged with the bank over what they described as “grossly inadequate” yearly pension rates of N8,500, N15,000, and N30,000, amounts they claimed cannot cover basic medical treatment for a week.
In a video shared with PREMIUM TIMES, several pensioners spoke individually, recounting their frustrations. One said that during a meeting with the bank in September 2024, officials promised to address their concerns by December of that year.
“December came, they said March. We didn’t hear from them until May this year,” she said. “They promised that within three months they would enhance our pension. Till now, they have done nothing.”
The protesters, including the chairman and secretary of the pensioners’ union, said many of their members have been receiving as little as N50,000 annually for over 20 years, leaving many elderly retirees sick, weak, and unable to stand for long.
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“We are frustrated. They refuse to listen to us,” one of the pensioners said during the demonstration. “Some of these old men cannot walk. We don’t have a choice but to come out again.”
The retirees vowed to continue their peaceful actions until the bank addresses their complaints.
PREMIUM TIMES contacted the Head of Sustainability, Media, and External Relations for First Bank of Nigeria Limited, Ismail Omamegbe, via phone call, WhatsApp, and text messages on Wednesday and Thursday, but he had not responded at the time of filing this report.
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