Pensioners in Ibadan Protest Over Low Payouts After Two Decades with No Raise

Pensioners under the aegis of the Nigerian Union of Pensioners staged a peaceful protest on Thursday at the South-West regional office of First Bank in Dugbe, Ibadan. They are drawing attention to what they describe as “desperation and decades of injustice,” following nearly 20 years without a review of their pension payments.

The Guardian reports that the protesters, including elderly men and women, say that 75 per cent of retired workers currently survive on a monthly pension of ₦15,000—a sum they regard as wholly insufficient, especially when compared to the national minimum wage set at ₦70,000. They insist the pension should be adjusted to at least ₦60,000. Alongside this, they demand an increase in their ₦30,000 annual medical allowance and the release of a ₦300 billion trust fund said to have been set up by the founders of First Bank for the benefit of retirees.

The retirees allege that the bank has failed to conduct mandated pension reviews every five years. Their February pension remains at ₦15,000, they say, a rate frozen for two decades. Regional representatives for the pensioners—Debo Olaoya, Olusola Adekoya and Sanjo Akanmu—warned that unless their concerns are addressed, they will escalate their protests.

First Bank’s regional management in Ibadan responded by meeting a delegation of the protestors. The bank pledged to forward their grievances to the head office in Lagos, assuring them of “positive responses” in due course. However, no immediate concessions or adjustments were reported at the time of the protest.