Court Orders First Bank To Pay Its Retirees’ Their Entitlement

This order was delivered by the Justice Sanusi Kado, on behalf of Justices Benedict Kanyip and Rakiya Haastrup.

The judge further declared that the respondents had authorization to sue in representative capacity.

Justice Sanusi. affirmed the IAP’s award of 100 per cent payment of entitlement, he however limited it to only four of the retirees who were able to prove their unpaid entitlements.

The judge further affirmed the payment of 30 per cent annual basic salary as repatriation allowance as granted by IAP.

In addition, the respondents were granted payment of three months salary in lieu of notice.

The court also affirmed the decision of the IAP for relief of waiver of up-front payment to the retirees.

According to NANS report, the court however set aside the award of payment of deferred pension scheme, gratuity and payment of performance and profit for 2014 financial year as earlier granted by IAP.

The judges in their judgment also set aside the payment of 21 per cent interest rate of the entitlements from March, 2015 till date.

The request of N5 billion as damages was also denied.

First Bank Plc, the appellant had approached the court to seek redress when IAP on March 18,2018 entered an award in favour of the retirees (respondents).

Obi Chukwuma, the respondents’ counsel averred that the bank in Feb.2015 called for voluntary retirement with incentive to interested staff.

Chukwuma further submitted that the appellant then turned around and refused the respondents their incentive retirement entitlements as earlier promised after they retired.

Godswill Nwani, the appellant counsel in his argument said the IAP lacked jurisdiction to entertain dispute between the bank and the retirees.

Nwani also said the commencement of the action by the respondents in a representative capacity at the IAP made the action incompetent.

Joined as a co- respondent in the suit was the Association of Senior Staff of Bank, Insurance and Financial Institutions.