The Nationwide Industrial Courtroom sitting in Ikoyi, Lagos, has ordered Radix Pension Managers Ltd to pay its ex-managing director, Kunle Adeboye, a complete package deal of N57 million and $21,000, over its incapacity to pay the claimant’s entitled severance packages, backlog of salaries and arrears, amongst others.
In a judgement paper sighted by LEADERSHIP, the corporate will now pay it ex-boss: N15 million for Standing automobile prorated over three years; N25.8 million severance pay; N3 million financial system class ticket to UK for 3 years; trip estacode of $21,000; N813,543 for membership membership and 2017 medical of N200,599.89.
Others embody: 2020 Go away allowance of N412,166.60; 2020 medical of N618,249; 2020 Passage of N618,249; 2021 Q1 quarterly allowance of N1 million; three months base wage in lieu of given discover of N1,030,416.51; deducted wage for 5 months between April and August, 2020 which was N2,734,392.80; unused annual trip of N5,462,784.63 and 2021 3 months prorated allowance of N417,812.72.
Radix Pension Managers Ltd is a Pension Fund Administrator (PFA) licensed by the Nationwide Pension Fee (PenCom).
In a judgement delivered on November 19, 2024, by Justice R.H. Gwandu, the courtroom granted all of the 14 reliefs introduced earlier than it by the claimant. The claimant, a former managing director of the PFA, who voluntarily resigned from the PFA, was alleged to have cited problems with company governance as causes for his resignation.
Findings on the industrial courtroom revealed that the PFA has over 11 ligations in opposition to it earlier than the commercial courtroom between the durations of 2019 to 2021. The litigations, introduced by ex-staff of IGI Pensions, the legacy PFA acquired by Radix Capital Companions, the foremost traders, additionally centered on failure to honour severance agreements, after the brand new traders, Radix Capital Companions, had assured the Nationwide Pension Fee(PenCom) of its intention to pay inside few days of acquiring regulatory approval.
The regulation agency of famend human rights lawyer, Femi Falana and Funmi Falana, represented the claimant in a go well with that lasted near 4 years. Taiwo Olawanle, of the Falana Chambers, disclosed that, it was a transparent and easy case that shouldn’t have necessitated any authorized brig brat, as their consumer was reluctant in pursuing any courtroom case in any respect from the onset.
He knowledgeable that each one efforts by correspondences from the chamber to Radix Pension Managers have been handled with levity, compelling the claimant to strategy the courtroom. Earlier than and through trial, very thoughtful concessions got by the claimant, which the PFA did not embrace to carry closure to a easy contractual obligation it owed.
One of many ex-staff of IGI, with related disagreeable expertise with the Radix model, who reacted on this matter mentioned, it was a traditional case of ‘go to courtroom!’ by the PFA: a colloquial expression of ‘do your worst’ in native parlance. She mentioned her severance pay was lower than N3 million, however she needed to be a part of a category motion to hunt justice. Justice, she mentioned, got here for her in staggered funds over a interval of 5 years after the Radix Capital Traders had assured PenCom of assembly the obligations.
