• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Wednesday, July 2, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

Radix Pension To Pay Ex-MD Unpaid Severance Packages, Court Rules

by Zaka Khaliq
6 months ago
in Business
Court
Share on WhatsAppShare on FacebookShare on XTelegram

The National Industrial Court sitting in Ikoyi, Lagos, has ordered Radix Pension Managers Ltd to pay its ex-managing director, Kunle Adeboye, a total package of N57 million and $21,000, over its inability to pay the claimant’s entitled severance packages, backlog of salaries and arrears, among others.

Advertisement

In a judgement paper sighted by LEADERSHIP, the company will now pay it ex-boss: N15 million for Status car prorated over three years; N25.8 million severance pay; N3 million economy class ticket to UK for three years; vacation estacode of $21,000; N813,543 for club membership and 2017 medical of N200,599.89.

Others include: 2020 Leave 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 salary in lieu of given notice of N1,030,416.51; deducted salary for five months between April and August, 2020 which was N2,734,392.80; unused annual vacation 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 National Pension Commission (PenCom).

In a judgement delivered on November 19, 2024, by Justice R.H. Gwandu, the court granted all the 14 reliefs brought before it by the claimant. The claimant, a former managing director of the PFA, who voluntarily resigned from the PFA, was alleged to have cited issues of corporate governance as reasons for his resignation.

RELATED

Large-cap Stock Drives Local Bourse To N180bn Gains

Equities Extend Losing Streak As Capitalization Drops By N150bn

3 hours ago
Seplat Energy Appoints Ezugworie COO

Seplat Energy Drives Media Entrepreneurship, Empowers 50 Journalists

3 hours ago

Findings at the industrial court revealed that the PFA has over 11 ligations against it before the industrial court between the periods of 2019 to 2021. The litigations, brought by ex-staff of IGI Pensions, the legacy PFA acquired by Radix Capital Partners, the major investors, also centered on failure to honour severance agreements, after the new investors, Radix Capital Partners, had assured the National Pension Commission(PenCom) of its intention to pay within few days of obtaining regulatory approval.

The law firm of renowned human rights lawyer, Femi Falana and Funmi Falana,  represented the claimant in a suit that lasted close to four years. Taiwo Olawanle, of the Falana Chambers, disclosed that, it was a clear and simple case that shouldn’t have necessitated any legal brig brat, as their client was reluctant in pursuing any court case at all from the onset.

 

He informed that all efforts through correspondences from the chamber to Radix Pension Managers were treated with levity, compelling the claimant to approach the court. Before and during trial, very considerate concessions were given by the claimant, which the PFA failed to embrace to bring closure to a simple contractual obligation it owed.

 

One of the ex-staff of IGI, with similar unpleasant experience with the Radix brand, who reacted on this matter said, it was a classic case of ‘go to court!’ by the PFA: a colloquial expression of ‘do your worst’ in local parlance. She said her severance pay was not up to N3 million, but she had to join a class action to seek justice. Justice, she said, came for her in staggered payments over a period of five years after the Radix Capital Investors had assured PenCom of meeting the obligations.


We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →

Join Our WhatsApp Channel

BREAKING NEWS: Nigerians can now earn US Dollars from the comfort of their homes with Ultra-Premium domains, acquire them for as low as $1700 and profit as much as $25,000. Click here to learn how you can earn US Dollars consistently.


Tags: Federal High Court
SendShareTweetShare
Previous Post

I Will Always Assist Downtrodden Of Society – Abdullahi

Next Post

NNPC Unveils Monitoring Centre To Enhance Crude Production, Operations

Zaka Khaliq

Zaka Khaliq

You May Like

Large-cap Stock Drives Local Bourse To N180bn Gains
Business

Equities Extend Losing Streak As Capitalization Drops By N150bn

2025/07/02
Seplat Energy Appoints Ezugworie COO
Business

Seplat Energy Drives Media Entrepreneurship, Empowers 50 Journalists

2025/07/02
Dangote’s 650,000bpd Refinery 97% Completed – NMDPRA
Business

Stakeholders Gear Up For Inaugural Gas Safety Conference To Secure Growing Sector

2025/07/02
C&I Leasing Posts Net Profit Of N1.6bn In 2024
Business

C&I Leasing Posts Net Profit Of N1.6bn In 2024

2025/07/02
Mobile Phone Subscribers Shrink 30% As SIM-NIN Policy Takes Effect
Business

SIM Swap, Registration Temporarily Halted As Telcos Migrate To New NIMC System

2025/07/02
Tonya Lawani Joins Dangote Group’s NASCON Board As Independent Director
Business

Tonya Lawani Joins Dangote Group’s NASCON Board As Independent Director

2025/07/01
Leadership Conference advertisement

LATEST

Solar Company: Powering Nigerian SMEs With Renewable Energy

Governor Alia And The Power Of Leadership With Grace

Benue Crisis And The Aftermath Of Tinubu’s Visit

NCCE Boss Urges Data-Driven Education Leadership

Equities Extend Losing Streak As Capitalization Drops By N150bn

Seplat Energy Drives Media Entrepreneurship, Empowers 50 Journalists

Stakeholders Gear Up For Inaugural Gas Safety Conference To Secure Growing Sector

C&I Leasing Posts Net Profit Of N1.6bn In 2024

ALTON Announces Disruption In SIM Services Amid NIMC Platform Switch

Dantata Laid To Rest In Madinah, Dangote, Others Bid Farewell

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.