A former staff member of Fidelity Bank Plc has spoken out about what he describes as grave injustice meted out to him and several others who were allegedly denied their rightful retirement benefits after dedicating over a decade of service to the bank. The aggrieved ex-employee, who preferred not to be named for now, said he worked with the financial institution for 14 years and 6 months before the bank abruptly discontinued its retirement benefit scheme in December 2016 — just six months shy of the 15-year threshold that would have qualified him for full retirement entitlements.
According to the retired banker, he joined the bank in June 2002 and retired in 2017, only to be informed that the policy had been scrapped a few months before he became eligible. The emotional toll of the development is still evident, as he narrated how he served the institution with loyalty and integrity, often entrusted with high-level assignments including direct dealings with the Central Bank of Nigeria, without any formal query or disciplinary issue throughout his career.
“I gave them everything. Over 14 years of honest, dedicated service, handling highly sensitive transactions with the CBN, and just when I was six months to qualifying for retirement, they pulled the rug from under us. It was devastating,” he said.
The retired officer, who held the position of Senior Relationship Officer during his years at the bank, now receives a modest pension of ₦71,000 per month — a figure that sharply contrasts with the ₦64 million he estimates he would have earned under the bank’s previous retirement plan. Adjusted for inflation, that amount today would be valued at approximately ₦225.14 million, based on a conservative average inflation rate of 15% per annum over the last eight years.
“It’s not just about the money,” he continued, “It’s the betrayal. They strung us along for nearly 15 years with the promise of a secure future and then abruptly changed the rules when some of us were at the finish line. That’s not policy, that’s wickedness.”
He also revealed that he was not the only victim. According to him, a branch manager in the Ikorodu area was just two months away from qualifying when the retirement benefit scheme was halted. He disclosed that several colleagues who were affected by the policy change have since passed on, never receiving any compensation or recognition for their long service.
Speaking with visible frustration, he compared his fate with that of other former colleagues who left the country and are now reportedly thriving abroad. “Those who were not as committed have relocated and are doing well. Meanwhile, those of us who believed in the system and stayed back are being mocked by the same institution we gave our prime years to,” he lamented.
The retirement benefit scheme was in operation during the administration of former Fidelity Bank Managing Director, Nnamdi Okonkwo, and its sudden cancellation, according to the ex-staff, came without due consultation or any form of compensation for those who had dedicated years to the bank and were within touching distance of eligibility.
Fidelity Bank, which has in recent times been linked to Labour Party’s presidential candidate, Mr. Peter Obi, has yet to issue any official response to the claims made by the affected former staff.
As of now, the silence from the bank continues to fuel calls for accountability, with observers questioning the fairness of the policy reversal and the lack of transparency in how it was executed. For the retired staff and others in similar positions, the wait for justice appears far from over, even as they call on regulatory bodies and labour advocates to step in and ensure that institutions are held accountable for the welfare of their employees, both past and present.
