TheCable

Following the picketing of its headquarters by the Amalgamated Union of Public Corporations, Civil Service, Technical and Recreational Service Employees (AUPCTRE) over an estimated N1.8bn debt to its members, First Bank has decided to offset the debt.

The union had shut down operations at the headquarters of the bank situated in Marina on Wednesday, demanding the payment of the money, a cumulative of eight years outstanding arrears of emoluments meant for retired workers of the Anambra State Water Corporation and Environment Protection Agency.

However, the bank settled the debt in order to avoid embarrassment.

Folake Ani-Mumuney, head, marketing & corporate communications, First Bank, confirmed that the money was paid because the union got a court injunction in their favour.

She further stated that the bank is law-abiding and would always carry out its duties in a responsible manner.

“This morning, a group under the banner of the Nigerian Labour Congress (NLC) visited our Marina Head Office on a matter between the group and a state government, where a court order had been granted in favour of the group,” she said.

“The judgment was to be satisfied from the account of the state government held in various banks of which First Bank was one.

“First Bank followed due process and engaged all stakeholders in order to abide by the order, which effectively put the matter to rest.

“As a law-abiding organisation, First Bank is bound by judgment and orders from the courts of the land and will always carry out its duties in a responsible manner.”

Mr Biodun Bakare, Lagos state secretary of AUPCTRE, also confirmed that the money has been paid, adding that the action of the union made the bank to clear the debt late on Wednesday.