Mohammed Shosanya
Pensioners of Union Bank of Nigeria (UBN) Plc,who retired between 2007 and 2019, have begged 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.
They conveyed the plea in a joint statement signed by its National Coordinator, Mr Augustine Apeh Onuh and General Secretary, Mr Korede Mohammed,made available to newmen on Wednesday.
The pensioners alleged that the bank has unlawfully withheld a total of N42.77 billion owed to them,resulting in severe financial hardship.
They expressed deep frustration over the bank’s continuous disregard for their plight.
They alleged 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 alleged 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 alleged 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,according to the statement.
The pensioners alleged 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.
But,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 claimed 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 sought 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.
Besides,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.
They 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.
