Court orders Radix Pension to pay former MD N57m, $21m
The National Industrial Court has ordered Radix Pension Managers Limited to pay Kunle Adeboye, the former Managing Director, a total of N57.12 million and $21 million.This payment covers unpaid salaries, allowances, and other packages owed to Adeboye.
According to The Ambusiness, Justice R. Gwandu delivered the judgment at the National Industrial Court in Ikoyi, Lagos, in the Certified True Copy of the judgement.
Adeboye filed the lawsuit on October 18, 2021, seeking N86.26 million in unpaid salaries, allowances, and severance benefits.
According to court documents, Adeboye was appointed Managing Director/CEO of Radix Pension Managers Limited on December 29, 2017, and began his role on January 3, 2018. He resigned voluntarily on March 12, 2021, after three years of service.
In delivering the verdict, the judge said, "The claimant relief for an Order of this Honourable Court awarding interest 10% per month on the total judgment sum from the day judgment is delivered in this case until the defendant finally liquidates the judgment debt, I grant relief to the extent that if the defendant fails to pay the Judgment sum one month after this Judgment is delivered, the Judgment sum shall attract an interest of 10% per annum."
"I decline to grant any monies for the cost of filing this suit. The defendant will pay the claimant N15,000,000 for Status Car, N25,811,330.00 for Severance Pay, N3,000,000 for two economy class tickets to the UK, $21,000 for vacation, N813,543.00 for club membership, N200,599.89 for 2017 Medical, N200,599.89 for 2020 Leave, N618.249 for 2020 Medical, and N618.249 for 2020 Passage.
The court granted several requests, including a quarterly allowance for Q1 2021 (N1m), a three-month base salary in lieu of notice (N1,030,416.51), a salary deduction for five months (April-August 2020) (N2,734,392.80), unused annual vacation (N5,462,784.63), and a three-month prorated allowance in 2021 (N417,812.72).
Leave A Comment