902 ex-employees sue bank over N75.7bn unremitted pension


By Adebisi Onanuga

 

Nine hundred and two retired staff of Union Bank Plc have sued the bank before the National Industrial Court (NICN), Lagos over alleged non-remittance of their pension benefits worth over N76.7billion.

Two of the pensioners, Sanyaolu Sulaimon and Mkpa Jacob filed the suit on behalf of themselves and the 900 others before Justice Mustapha Tijjani.

They claimed that the bank since 2008 failed to transfer the actual amount in their Legacy Pension Fund to their retirement savings accounts domiciled with the appropriate pension fund administrators.

They are, therefore, seeking a declaration of the court that the bank breached the provisions of the Pension Reforms Act, 2004 and 2014 by failing to transfer the legacy pension funds to their respective pension funds administrators.

They are also seeking an order compelling the bank to pay accrued sum of  about  N13.7 billion of the unpaid fund to the law firm of their lawyer,  Monday Ubani (Ubani & Co) and…



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