27.09.2021 Featured Bankers Warehouse Deducts but ‘Refuses’ to Remit Ex-Workers’ Pension

Published 27th Sep, 2021

By Tola Owoyele

Bankers Warehouse Plc., a CBN-approved company responsible for receiving, processing, sorting, storing and moving money to and from banks across Nigeria, has been accused by some of its former workers of non-remittance of the monthly pension deductions into their Retirement Savings Accounts (RSAs).

Speaking with FIJ, the ex-workers said the amounts they had in their RSAs were not equivalent to the deductions.

The RSA statement of an ex-worker showing only 2019 remittances despite being employed in 2018.
RSA statement showing that remittance was only made once between December 2019 and September 2021

They said the company regularly deducted specific amounts from their wages as pension contributions each month without paying them to their pension fund administrators. 

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“I joined the company in December 2019, and in January 2020, the company made a payment on the deduction of my December salary to my RSA. However, from that time until my resignation in August, no other payments were made, despite the constant monthly deductions from my salary,” said one of the ex-workers.

A former staff’s payslip showing monthly and year-to-date pension deduction.

Another former employee of the company, who asked not to be named, said, “I joined the company in February 2018, and it started making pension deductions from my salary in March of the same year. Despite this, the company did not start making regular payments to my RSA until 2019.”

Another affected ex-worker’s payslip showing monthly and year-to-date pension deductions.

An aggrieved pensioner also said several other people who had served Bankers Warehouse were in the same situation.

“As we speak, I know of more than 20 people who are affected by this. But I am sure that the number is far higher than that,” he said.

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According to the penalties for non-compliance with the Pension Reform Act, 2004, employers with a history of pension default over a period of seven business days from the day salaries are paid risk being sued by aggrieved parties.

A payslip reflecting regular monthly and year-to-date pension deductions.

FIJ emailed Paula Ohiwerei, Head of Human Resources and Corporate Administration at Bankers Warehouse, but did not receive a response.

Published 27th Sep, 2021

By Tola Owoyele


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