Retirees under the aegis of the Nigerian Union of Pensioners, First Bank of Nigeria branch, Ibadan, staged a peaceful protest at the South-West regional office of First Bank in Dugbe, Ibadan, to press for an increase in their pensions.

The demonstrators, mainly elderly men and women, told journalists their pensions had not been reviewed for 20 years and described their situation as the result of “desperation and decades of injustice”. Their spokespersons, Debo Olaoya, Olusola Adekoya and Sanjo Akanmu, said 75 per cent of the retirees survive on a monthly pension of N15,000, which they said was inadequate.

They argued that, given the national minimum wage of N70,000, their pension should be at least N60,000. The group also demanded an increase in their N30,000 yearly medical allowance and the release of a N300 billion trust fund, which they said was established for them by the bank’s founders.

The pensioners complained that the bank had failed to carry out the mandated pension review every five years. They stated that the demonstration yielded no immediate results, noting that their February pension remained at N15,000.

Regional management staff received the protesters and pledged to forward their grievances to the bank’s management in Lagos. “We will pass your message to the Management of the Bank in Lagos. You will soon see their positive responses,” the unnamed regional managers said.

The retirees vowed to escalate demonstrations if their demands were not addressed.