Retirees of First Bank on Wednesday staged a protest at the bank’s headquarters in Marina, Lagos, demanding an immediate review of their pensions and medical allowances. They accused the bank of neglecting their welfare for more than 20 years.
The protesters carried placards and alleged that their monthly pension remains at N15,000, while medical allowance has stayed at N30,000 annually. They said several appeals to the bank had been ignored despite worsening inflation and rising living costs.
This is not the first time the retirees have raised concerns. In September 2024, the National Union of Pensioners FBN Unit accused the bank of refusing to comply with court rulings, pension reforms and previously signed agreements.
Vice Chairman of the group, Sunny Aluko, said many members had died while waiting for an adjustment. He said the retirees had visited the bank several times without results and accused the management of inaction.
General Secretary of the union, Paul Imhoagene, said the current payments leave pensioners unable to meet basic responsibilities. He said the number of retirees had dropped from more than 4,000 last year to fewer than 2,900, adding that many had died due to inadequate support.
He said the pensioners are proposing a new annual medical allowance of N500,000 and a monthly pension of N350,000. He also claimed that a consultant hired by the bank suggested a one-time payout of N1 million, which the retirees rejected.
One of the protesters, Adetokunbo Onibudu, said the bank had failed to act with compassion. She said the current allowance could no longer cover basic medical needs and accused management of ignoring those who served the bank for decades.
National Trustee (1) of the union, Adekunle Ajibola, said the bank had previously created a pensioners trust fund for situations like this. He said retirees had been denied access to the fund despite a court judgement in their favour.
Another retiree, Kaosarat Thani, said she earns N18,000 monthly, which makes her one of the highest paid among them. She said many others have received only N15,000 for more than two decades and accused the bank of prioritising new projects over staff who built the institution.
Union leaders said they are not out to damage the bank’s reputation but to demand fairness. They vowed to extend the protest nationwide and internationally if necessary.
As of press time, First Bank management had not issued a public response to the latest protest.
