Nigeria's First Bank has been ordered by the National Industrial Court, Abuja pay its 2015 retirees their entitlement.
Justice Sanusi Kado in the judgment declared that the dispute between the parties was a Trade Dispute and the Industrial Arbitration Panel (IAP), had the jurisdiction to have listened to the matter.
The judge further declared that the respondents had authorisation to sue in representative capacity.
He also affirmed the IAP’s award of 100 percent 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 percent 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.
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 percent interest rate of the entitlements from March, 2015 till date.
The request of 5 billion naira 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.
The judge further declared that the respondents had authorisation to sue in representative capacity.
He also affirmed the IAP’s award of 100 percent 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 percent 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.
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 percent interest rate of the entitlements from March, 2015 till date.
The request of 5 billion naira 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.
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