Retirees of First Bank of Nigeria on Wednesday staged a protest at the bank’s headquarters in Marina, Lagos, demanding a review of their pensions and medical allowances, which they say have remained unchanged for more than 20 years.
Carrying placards, the pensioners accused the bank of “years of neglect”, alleging that it has repeatedly refused to honour court judgments, pension reforms, and previously signed agreements. In September 2024, the National Union of Pensioners (NUP), First Bank Unit, similarly accused the bank of consistently failing to comply with legal and regulatory directives on retirees’ welfare.
According to PUNCH, the group’s Vice Chairman, Mr. Sunny Aluko, said several pensioners had died while waiting for improved benefits. He noted that many retirees still receive a monthly pension of ₦15,000 and an annual medical allowance of ₦30,000 — figures that have not been reviewed for between 15 and 20 years.
“We are protesting because First Bank has denied us our rights for 15 to 20 years, paying only a monthly salary of ₦15,000 and an annual medical allowance of ₦30,000, which have not been reviewed,” he said. “People are dying due to inadequate support. We urgently need enhanced pensions and medical allowances.”
Mr. Aluko said the group had repeatedly engaged the bank without results. “We were here on 15 February this year. Up to now, they’ve not done anything reasonable for us, and that’s why we are here to protest against their inaction,” he added.
The General Secretary of the NUP First Bank Unit, Mr. Paul Imhoagene, said the current allowance structure had left many retirees impoverished and unable to meet basic needs.
“At ₦15,000, that is ₦500 every day,” he said. “The medical is ₦30,000 per annum; that is ₦250 every month. Based on market forces, inflation is very high, and the naira is weak. Our purchasing power cannot meet market demands. We have no money to take care of our old age. Some of us are bedridden.”
Mr. Imhoagene said the union’s membership had dropped from more than 4,000 pensioners last year to fewer than 2,900 today. “You can imagine the number of pensioners who have passed away,” he said. He added that the retirees had proposed an annual medical allowance of ₦500,000 and a monthly pension of ₦350,000 to reflect current economic realities.
He further alleged that the bank recently hired a consultant who proposed a one-off payment of ₦1 million, which the retirees unanimously rejected. “We overwhelmingly rejected the template,” he said. “We are ready to embarrass you. Some of you occupying that position today will not be there tomorrow. People were there before; we were there before. But look at where we are.”
Another retiree, Mrs. Adetokunbo Onibudu, described the bank’s treatment of its former staff as “inhumane”.
“For the past 20 years, there has been no increase in our pension: ₦15,000 a month,” she said. “With the current situation, it cannot even be used to buy food for the dogs in their houses. Many of our colleagues are sick at home; they cannot come out.”
She added that some retirees can no longer afford basic medication. “They are paying him ₦15,000 per month and ₦30,000 a year for medical, which is ₦30 a day to buy Panadol. Panadol is even ₦200 nowadays,”she said.
The National Trustee (1) of the First Bank Pensioners’ Unit, Mr. Adekunle Ajibola, said the retirees had been told that the bank could not fund the increments from its profit and loss account. He explained that a pensioners’ trust fund created by a previous management was no longer accessible to them.
“We went to court and won, yet the judgment has not been respected,” he said. “We are left with only monthly pensions and annual medical allowances, which have not been reviewed for 15 years.”
Another protester, Mrs. Kaosarat Thani, said she receives ₦18,000 monthly, one of the highest amounts among the group. “Many of us have been receiving ₦15,000 for over 20 years. No increase of one kobo. Our members are dying in droves,” she said. “Presently, they want to build 40-storey buildings while the pensioners are dying.”
Union leaders maintained that their agitation was not an attack on the bank but a demand for fairness for those who “used their youth and strength” to build the institution. They vowed to take the protest national and international if necessary.
As of press time, First Bank management had not publicly responded to the protest. Mr. Imhoagene said the retirees plan to take their demonstration nationwide in the coming days.
