Some retirees of First Bank of Nigeria staged a peaceful protest at the bank’s headquarters in Marina, Lagos, on Wednesday, calling for improved welfare and an urgent review of their pension and medical allowances. The protesters, who carried placards, accused the bank’s management of neglect and failure to adjust their benefits for more than 20 years despite rising inflation and harsh economic conditions.
The pensioners said this was not their first protest. In September 2024, the National Union of Pensioners (First Bank Unit) accused the bank of refusing to comply with court rulings, pension reform guidelines and previously signed agreements. They claimed the bank had consistently ignored their appeals for a review of their entitlements.
Speaking during the protest, Vice Chairman of the group, Sunny Aluko, said many retirees had died while waiting for improved welfare. He said the pensioners were tired of receiving what he described as “unacceptable” monthly payments and inadequate medical support.
According to him, many retirees still receive as little as N15,000 per month, with an annual medical allowance of N30,000, figures that have not been reviewed for nearly two decades. Aluko said the poor benefits have pushed many elderly pensioners into hardship, adding that several members were bedridden and unable to afford basic healthcare.
He recalled that they last visited the bank on February 15 this year but nothing meaningful had been done since then. He said the pensioners had no choice but to protest again to draw attention to their worsening condition.
The General Secretary of the National Union of Pensioners (First Bank Unit), Paul Imhoagene, also criticised the bank’s handling of the issue. He broke down the value of the payments, saying N15,000 per month translates to about N500 per day, while an annual medical allowance of N30,000 amounts to about N250 per month. He said this was not enough to cope with food prices, medication and other basic needs in the face of rising inflation and a weak naira.
Imhoagene said the number of pensioners had dropped from more than 4,000 last year to below 2,900, stressing that many had passed away due to poor welfare. He accused First Bank of delaying tactics, saying the retirees had been called for meetings repeatedly without any real progress. He questioned the bank’s concern for its corporate image while many former staff were dying in poverty.
The pensioners have now proposed a new monthly pension of N350,000 and an annual medical allowance of N500,000, which they believe reflects current economic realities. Imhoagene said the retirees rejected a one-off payment of N1m reportedly suggested by a consultant hired by the bank. He warned that the group would continue to escalate the protest until the bank responded.
One of the protesters, Mrs. Adetokunbo Onibudu, described the situation as “inhumane,” saying her N15,000 monthly pension could not sustain anyone in today’s economic climate. She said many pensioners were too sick to attend the protest, and some were battling serious health conditions with little to no medical support.
Another leader, Adekunle Ajibola, the National Trustee (1) of the First Bank Pensioners’ Unit, said the retirees had repeatedly asked for adjustments but were told the bank could not fund the increase from its profit and loss account. He said previous management created a pensioners’ trust fund to cater for situations like this, but the retirees have reportedly been denied access to the fund.
Ajibola said the pensioners even took the case to court and won, but the judgement had still not been implemented. He called on the bank to honour its obligations and show respect to those who served the institution for many years.
Another retiree, Kaosarat Thani, said she receives N18,000 monthly, making her one of the highest earners among the group, while many others still receive N15,000. She said it was painful to see the bank planning to build new high-rise structures while the people who contributed to the bank’s growth were struggling to survive.
The pensioners stressed that their aim was not to destroy the bank but to demand fairness and dignity. They vowed to take their protest across Nigeria and even internationally if necessary.
As of press time, First Bank management had not issued a public response to the latest protest. The union leaders announced that demonstrations would continue nationwide in the coming days.
