A former employee of Fidelity Bank Plc has accused the institution of unjustly denying him his retirement benefits, claiming the bank discontinued its retirement scheme just months before he became eligible after nearly 15 years of service.
The ex-staff member, who requested anonymity, disclosed that he joined Fidelity Bank in June 2002 and worked there for 14 years and 6 months before the bank abruptly terminated its staff retirement scheme in December 2016. Under the original policy, employees became eligible for full retirement benefits after 15 years of service—a milestone he would have reached by June 2017.
“I gave them everything—over 14 years of dedicated, honest work—handling their sensitive dealings with the Central Bank of Nigeria without a single query,” he said.
Now retired for eight years, he receives a monthly pension of ₦71,000. He claims that, under the previous scheme, he would have been entitled to a lump sum of approximately ₦64 million in 2016—equivalent to about ₦225 million today, based on inflation estimates averaging 15% annually.
“They are just wicked people,” he said.
“How can you make people commit 15 years of their lives in expectation of a retirement benefit, only to cancel the scheme when some of us were just months away?”
The former Senior Relationship Officer, who worked closely with the Central Bank of Nigeria, expressed disappointment over what he described as a lack of regard for long-serving employees. He cited other cases, including a branch manager in Ikorodu who was reportedly only two months away from qualifying when the scheme was terminated.
According to him, several affected colleagues have passed away without receiving any retirement support, while others have left the country in search of better opportunities.
“The most painful part is that I worked diligently for more than 14 years and have little to show for it,” he added.
“Meanwhile, those who left early are now thriving abroad. We believed in the system—and got nothing.”
He blamed the policy change on the tenure of former Managing Director Nnamdi Okonkwo, noting that the retirement scheme was discontinued without consultation or compensation for staff who had nearly qualified.
Fidelity Bank, which has ties to Labour Party presidential candidate Peter Obi, has yet to issue a formal response to the allegations.
