Members of the Nigerian Union of Pensioners at a first generation bank will today embark on a nationwide protest to express their dissatisfaction with what they describe as two decades of neglect by the management of the Bank.
In a statement issued ahead of the planned action, the pensioners said they have endured stagnant pension payments and inadequate medical allowances despite years of dialogue and repeated assurances from the bank. According to the group, many of them still receive a monthly pension of ₦15,000 — the equivalent of ₦500 per day, while their annual medical allowance remains at ₦30,000, translating to just ₦2,500 per month.
The pensioners noted that several upward reviews of staff salaries have taken place since 2008, yet none of these adjustments have reflected in the benefits of retired workers. Their appeals for an enhancement of what they called “meagre pension peanuts” have yielded no tangible results.
They also lamented that colleagues who retired from other financial institutions, currently earn significantly higher pension packages, a disparity they described as unfair and demoralising.
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“Our pleas have consistently fallen on deaf ears,” the statement read. “We have received promises upon promises without fulfilment. After waiting for over 20 years, we are left with no option but to make our voices heard.”
Describing the planned action as the “mother of all protests,” the group said the demonstration would take place between 7:00 a.m. and 12:00 noon at the Bank Head Office, 35 Marina, Lagos, with simultaneous demonstrations expected across the country.
The pensioners said the protest aims to draw urgent attention to their plight and compel the bank’s management to review their pension and medical benefits to reflect current economic realities.
They added that Wednesday’s demonstration would continue a renewed push for dignity, fairness, and improved welfare for all retired staff of the institution.
