BN Ordered To Account For Pensioners Funds


The Investments and Securities Tribunal on Samuel Manuwa Street, Victoria Island,  Lagos, Southwest Nigeria, has ordered the First Bank plc to explain to the bank’s  pensioners how much the pension fund that was transferred to IBTC Pension Managers  Ltd is and when the fund was transferred.

Leading four other members, Mr. Salihu Shehu Usman, chairman of the tribunal gave  the order on Monday to bring to an end to the legal battle between the pensioners  and their former employer, First Bank, over the way the bank handled the pensions of  the retirees.

The tribunal, in the suit number IST/LA/OA/10/09, ordered the bank to explain to the  pensioners the decline in the percentage shareholding of its pension fund from 10  per cent to 5 per cent.

The pensioners had gone to the tribunal to challenge the bank on how it managed  their pensions, which is being managed by IBTC Pensions manager.

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The court, however, rejected the pensioners’ application to be involved in the  management of the pension fund because the pensioners failed to establish their  right to be co-managers of the pension fund.

Barrister George Onwuboya, counsel to the pensioners, said the judgment of the  tribunal was a good one having granted his clients’ request except on the management  of the fund.

Barrister Ubani Peter, counsel to First Bank, described the judgment as borderline,  in the sense that all reliefs of the applicants, were not granted. He, however, said  that he would study the judgment very well to know the next move to make.

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