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After about eight years of A legal battle, the Nation-al Industrial Court (NIC) sitting in Lagos has ordered Fidelity Bank Plc to pay its former staff the sum of N162.2million being their entitled but unpaid retirement benefits after disengaging from the bank in 2016.
His Lordship, Hon. Justice R. H. Gwandu gave the order on May 6, 2025 while delivering judgement on Suit No NICN/LA/293/2017.
She further declared that the employees (Claimants) in the suit, having disengaged lawfully after 15 years of service, were entitled to retirement benefits.
The judge further direct-ed the Defendant to pay the claimants the said sum within 30 days from the date of the judgement, after which the Defendant (Fidelity Bank will be liable to pay a 10 percent interest per annum on the judgement sum.
The judgement was delivered in respect of nine Claimants (Names withheld).
The Claimants had on 16th June, 2017, through their Counsel, Chief Mike Ozekhome (SAN), filed a suit against Fidelity Bank,challenging the financial institution’s non payment of their retirement benefits.
After reviewing the arguments of the parties in the suit,the judge affirmed:
“On the relief for an Order directing the immediate payment of the sum indicated against the defendant, l am in favour of the Claimants.
This relief is granted as prayed; the defendant will pay to the Claimants the above list-ed sum”
Justice Gwandu, also faulted the Defendant’s decision to implement its 2016 reviewed terms of employment retrospectively after the Claimants had resigned their appointments from the bank.
She ruled:
“While the Defendant reserves the right to amend or alter it’s terms of employment and the contracts of employment of its staff, it can-not do so in retrospect, especially where there are accrued benefits”.
She further said:
“On the Claimants first relief for a declaration that the Defendant’s failure to the Claimants’ contract of employment and all known labour laws and practices, I hereby hold that failure to pay accrued benefits as stipulated by the terms of employment is a breach, the relief succeeds as prayed.”
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The Court, however, denied the Claimants’ prayers to be paid damages and inter-ests on the accrued retirement benefits.
The judge added:
“On the relief for an Order directing the Defendant to pay each of the Claimants judgment sum until it is fully paid, I decline the prayer, but if the sum. is not paid within one month of this judgment, after one month, the ‘entitlement sum will attract 10 percent interest per annum”
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It will be recalled that the Claimants had sought among others the following :
A Declaration that the Defendant’s failure to make any payment with respect to the Claimants retirement benefits is a breach of the Claimants’ contract of employment and all known labour laws and practices.
When contacted, the bank’s Divisional Head, Brand & Communications, Meksley Nwagboh, said he was not aware of the case.
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