Pensioners demonstrated at First Bank, calling for a review of their benefits

Scores of retirees of First Bank of Nigeria recently staged a protest at the bank’s headquarters, demanding an urgent review of their welfare packages and improvements to their pension benefits. The retirees, who had spent decades contributing to the growth and stability of the institution, gathered outside the main branch to express frustration over what they described as prolonged delays in pension payments, inadequate welfare provisions, and lack of transparency in the administration of retirement benefits. The protest attracted wide attention as the retirees carried placards and chanted slogans calling for immediate action from the bank’s management.

The protesters highlighted that many retired staff have experienced significant financial hardship due to the delays and inconsistencies in pension disbursements. Some of them explained that they have had to rely on personal savings, family support, or even engage in small-scale businesses to survive, a situation that they said was unacceptable given their years of service. The retirees emphasised that the welfare packages in place are outdated and fail to adequately reflect current economic realities, particularly inflationary pressures that have eroded the purchasing power of fixed pension incomes.

During the protest, the leader of the retirees’ association called on First Bank to urgently engage with retired employees to address their grievances. He stressed the need for a systematic review of the pension and welfare policies to ensure that retirees receive benefits commensurate with their contributions over the years. The association urged the bank to set up a joint committee comprising management and retirees’ representatives to evaluate the current welfare framework and recommend improvements. They argued that such engagement would not only resolve immediate financial concerns but also foster goodwill and trust between retirees and the institution.

Several retirees shared personal stories illustrating the hardships they face in retirement. Some recounted difficulties in accessing medical services, covering essential household expenses, and maintaining a reasonable standard of living in the face of delayed or partial pension payments. Many retirees also expressed concern over the absence of a mechanism to periodically adjust welfare packages, saying that without regular reviews, the benefits become increasingly inadequate as living costs rise. These accounts highlighted the urgent need for structural reforms in the management of retiree benefits at the bank.

The protesters also called attention to disparities in welfare packages among retirees, citing instances where some former staff received full benefits while others were left with reduced or delayed payments. They argued that these inconsistencies are unfair and undermine morale, emphasizing that retirees’ welfare should be uniform, transparent, and safeguarded by clear policies. The association stressed that fairness and consistency in pension administration are crucial for upholding the dignity of retired staff.

First Bank officials reportedly received a delegation from the retirees during the protest. The management acknowledged the retirees’ contributions to the bank’s success over the years and assured them that their grievances would be taken seriously. The bank committed to reviewing current welfare arrangements and exploring measures to improve the administration of pensions, including timely disbursement, adjustments for inflation, and enhanced medical and social support. Officials assured retirees that the bank would work within regulatory frameworks to implement practical solutions that address their concerns while maintaining financial sustainability.

Industry observers noted that the protest underscores broader challenges facing retirees across Nigeria’s banking and corporate sectors. Delays in pension payments, lack of welfare adjustments, and opaque benefit administration have been recurring issues, highlighting the need for institutional reforms and regular engagement with retired employees. Experts argue that providing retirees with fair, timely, and transparent benefits not only safeguards their welfare but also enhances public confidence and strengthens the reputation of financial institutions.

The retirees have vowed to sustain pressure on the bank until concrete actions are taken to address their grievances. They emphasized that their protest is not intended to disrupt operations but to demand recognition of their years of service and the financial security they are entitled to in retirement. The retirees also pledged to continue advocating for reforms that ensure a dignified post-retirement life for all former employees, including better pension management, welfare reviews, and consistent communication between management and retirees.

In conclusion, the protest at First Bank highlights the urgent need for systematic reforms in the administration of retiree welfare. The retirees’ demands for timely pension payments, improved benefits, and regular welfare reviews reflect broader concerns about the treatment of former employees in the banking sector. By engaging meaningfully with retirees, implementing transparent policies, and ensuring consistent support, First Bank has the opportunity to demonstrate its commitment to social responsibility and uphold the dignity of those who contributed significantly to its growth. The outcome of this protest could serve as a precedent for other institutions in Nigeria, emphasising the importance of protecting retirees’ rights and providing sustainable welfare structures to support their well-being in retirement.

The retirees’ continued advocacy and the bank’s engagement are expected to foster dialogue that will lead to long-term solutions, ensuring that all former employees receive the respect, recognition, and financial security they deserve. As the situation develops, stakeholders across the banking sector and regulatory bodies are watching closely to ensure that retirees’ welfare becomes a priority and that policies are implemented to prevent recurrence of similar challenges in the future.