Pensioners of Union Bank of Nigeria (UBN) Plc, who retired from 2007 to 2019, have made a fervent appeal to President Bola Tinubu and other key stakeholders to intervene in the bank’s alleged refusal to comply with a Court of Appeal judgment mandating the payment of their pension entitlements.
The statement made available to newsmen on Thursday in Ibadan was jointly signed by its National Coordinator, Mr Augustine Apeh Onuh and General Secretary, Mr Korede Mohammed.
The pensioners, numbering over 5,000, claim that the bank has unlawfully withheld a total of N42.77 billion owed to them, resulting in severe financial hardship.
According to the statement, the expressed deep frustration over the bank’s continuous disregard for their plight.’
They said that their diligent service to the bank was being disrespected and undervalued, leading to intolerable levels of hardship, discomfort, grief, misery, sorrow and anxiety.
The pensioners said that the issue stemmed from the failure of Union Bank to transfer the balance of the legacy pension funds and accrued rights into the pensioners’ respective Retirement Savings Accounts (RSA).
They said that despite repeated efforts to resolve the matter amicably since 2012, the bank had allegedly refused to take any action.
The pensioners said that the refusal of the bank to take action prompted them to approach the National Industrial Court in Ibadan, which initially dismissed their claims in December 2021.
They later appealed the decision, and on March 21, 2024, the Court of Appeal ruled in their favour.
The pensioners said that the Court of Appeal found that Union Bank had indeed violated the provisions of the Pension Reform Act (PRA) by failing to transfer the pension funds to the appointed Pension Fund Custodians (PFC) for the benefit of the retirees.
Following the ruling, the pensioners’ legal representatives, Afe Babalola & Co., sent two letters to Union Bank on April 8, 2024, and May 20, 2024, urging the bank to comply with the court’s judgment.
However, the bank had allegedly chosen to pursue an appeal, despite the finality of the Court of Appeal’s decision under Section 243(4) of the Nigerian Constitution.
“This section of the Constitution insulates the Supreme Court from the burden of handling an overwhelming number of appeals and is designed to protect workers and employers from the exhausting process of prolonged litigation,” the statement noted.
The pensioners argued that Union Bank’s decision to appeal was a deliberate attempt to prevent them from receiving their rightful entitlements after years of dedicated service.
They called for President Tinubu’s immediate intervention to resolve the matter.
“We seek the intervention of His Excellency, President Bola Ahmed Tinubu, President and Commander-in-Chief of the Armed Forces of the Federal Republic of Nigeria, to save our souls,” the statement read.
Additionally, the retirees urged members of the National Assembly and the Acting Chief Justice of Nigeria to support their cause and ensure the enforcement of the court’s ruling.
The pensioners also called on the media to amplify their voices and shed light on their ongoing struggle.
“We equally appeal to the media, as the Fourth Estate of the Realm, to interfere and interpose in this issue,” the statement added.
The plight of the Union Bank pensioners underscored a broader issue facing many retirees in Nigeria who often endure protracted legal battles to secure their pension entitlements.
Their appeal to the highest authorities in the country reflected the desperation and urgency of their situation, as they continue to fight for the benefits they earned during their years of service.
