National Industrial Court Orders Radix Pension Firm To Pay Ex-Managing Director N57million, $21,000 Backlog Of Entitlements
The court issued the order in a judgment delivered on November 19, 2024, by Justice R.H. Gwandu, where Adeboye was granted all the 14 reliefs he sought in a suit marked: NICN/LA/390/2021.
The National Industrial Court, Ikoyi Division in Lagos State, has ordered Radix Pension Managers Ltd., a Pension Fund Administrator (PFA) licensed by the National Pension Commission (PenCom), to pay its former Managing Director, Mr Kunle Jeffery Adeboye, his N57 million and $21,000 salary, allowances and severance entitlements backlog.
The court issued the order in a judgment delivered on November 19, 2024, by Justice R.H. Gwandu, where Adeboye was granted all the 14 reliefs he sought in a suit marked: NICN/LA/390/2021.
Adeboye (claimant), a former Managing Director of the PFA, who voluntarily resigned from Radix Pension Managers Ltd. following an outstanding tenure, during which the PFA competed strongly with established industry leaders, had filed a suit against the company in 2021 against the company after it refused to pay him his full salary and entitlements backlog.
Adeboye, who attributed his resignation to concerns over corporate governance, was represented by the law firm of Femi Falana (SAN), and Funmi Falana (SAN), in the case that lasted nearly four years.
In the suit filed on October 18, 2021, Adeboye sought “A declaration that the Claimant is entitled to be paid severance packages, backlog of salaries and allowances and other severance entitlements in line with his Contract of Employment.
“A declaration that the non-payment of the Claimant’s backlog of salaries, gratuity and other entitlements due to him after his exit is a breach of his conditions of service.
“A declaration that the refusal of the Defendant to communicate the end of service details to the Claimant as usual practice is illegal and oppressive.
“A declaration that the Claimant is entitled to the total sums of N57,119,545.95 and $21,000, being the total amount due to the Claimant as backlog. of salaries and allowances and other severance entitlements.
“The gratuity is calculated based on the Contract of Employment between the Claimant and the Defendant.”
He also sought, “An Order for the interest of 25% of the above claim sum from the date of filing of this suit till the final liquidation of the judgment sum.
“An Order of this Honourable Court awarding interest of 10% per month on the total judgment sum from the day judgment is delivered in this case until the judgment debt is finally liquidated by the Defendant.
“Legal Cost for prosecuting this Suit in the sum of N3,000,000.”
In its judgment, the court granted the claimant all the 14 reliefs and ordered Radix Pension Managers Ltd. (Defendant) to pay Adeboye all his entitlements amounting to N86.3 million and the legal cost for prosecuting the suit as demanded.
Reacting to the judgment, Mr. Taiwo Olawanle of Falana Chambers, the law firm that represented Adeboye in the case said, “The case stands as a victory for the justice system at the National Industrial Court, reinforcing the court’s role as a crucial avenue for fairness and justice for law-abiding citizens.”
According to Olawanle, the case was straightforward and should not have required legal action, as the claimant was initially reluctant to pursue litigation.
He added that Radix Pension Managers dismissed multiple correspondence attempts from the claimant’s legal team, forcing the matter to court.
He said that despite the claimant’s repeated attempts to settle the issue through concessions, the PFA refused to fulfill its contractual obligations.
Also, one former IGI employee, who shared a similar experience with Radix, described it as a classic case of the company’s “go to court!” attitude—a dismissive response implying “do your worst.”
The former employee who did not want to reveal her name recounted that her severance pay was less than N3 million, but she had to join a class action lawsuit to seek justice.
She said that after a lengthy battle, she finally received her severance payment in installments over five years, despite Radix Capital Partners’ assurances to PenCom.
She said, “Given the goals of the Contributory Pension Scheme—one of the Federal Government of Nigeria’s most successful initiatives for workers—it is expected that employer-employee relations within the pension industry would set a high standard for other sectors.
“This case underscores the need for PenCom to extend its rigorous regulatory oversight to employee engagement practices by operators.
“PenCom must ensure that individuals or entities lacking integrity are not allowed to undermine the industry’s strong reputation.
“We hope this verdict of the National Industrial Court serves as a veritable turning point towards higher standards in staff engagements across all industries in Nigeria, for HR Practitioners and Corporate Governance Executives.”
