The National Industrial Court in Lagos has ruled in favor of Kunle Adeboye, a former Managing Director of Radix Pension Managers Limited, awarding him N57.12 million and $21,000 for unpaid salaries, allowances, and other entitlements. Justice R. Gwandu, who delivered the judgment, found that Radix Pension owed Adeboye several severance benefits following his voluntary resignation in March 2021 after serving as MD for over three years. Adeboye had originally sought N86.26 million in claims when he filed the suit in October 2021.
Key components of the judgment include N15 million for a status car, N25.8 million in severance pay, and $21,000 for vacation estacode, among other benefits like medical allowances and unpaid salaries. The court also directed that the judgment sum would attract an annual interest of 10% if not paid within a month. However, the judge declined to award any additional costs related to the filing of the suit.
The ruling highlights employer obligations in cases of executive severance and contractual disputes. Adeboye’s compensation included quarterly allowances, unused vacation days, and prorated payments for 2021. This decision underscores the importance of honoring employment agreements and provides clarity on severance entitlements in similar disputes.