02 Feb Are Employment Bonds Legal in Nigeria?
I am a banker currently working with a Nigerian bank. Before my appointment, I was made to sign a 2yr bond that ensures I work with the bank for a minimum of 2 years before my exit or pay N2m upon termination of the appointment. Owing to the desperation then, I committed to signing this bond and till date, my life has been a misery.
I have spent exactly 1yr and 6 months on this job and have also gotten offers elsewhere which has kept me in a dilemma.
Is it possible for me to leave the bank without bearing the consequence of paying N2m? Someone once told me the Nigerian labor law stipulates a maximum of 1yr to bond an employee but I’m not sure.
- Stay with your employer until the 2 years runs out (which you do not seem inclined to want to do)
- Leave to another employer and challenge the validity of the bond (you might win the case, this will be down to how your lawyer argues the case, and in fact you could also get some compensation for lost earnings if you can successfully prove that the bond stopped you from taking a job which you would have earned considerably more).
- Leave to another employer, and offer to pay your current employer a pro-rated sum of the bond. In other words, the bond was for 2 years, and you are 1.5 years into it, you would offer them N500,000 to amicably discharge yourself of the bond without getting the courts involved.
Thank you for reading this post, if you have found it useful please share with your network using one of the share buttons below. Also, PLEASE SUBSCRIBE TO OUR NEWSLETTER HERE TO BE UPDATED IN CASE THERE ARE ANY CHANGES IN THE ARTICLE YOU HAVE JUST READ DUE TO A CHANGE IN LAW.
If you have any suggestions or feedback from this article or ideas on future articles you think we should research and write, please send us an email at [email protected]
We hope you have found this information helpful. Please note that this information is provided for general informational purposes only and is not intended to be legal advice. No lawyer-client relationship is formed nor should any such relationship be implied. It is not intended to substitute for the advice of a qualified lawyer. If you require legal advice, please consult with a qualified lawyer. If you need assistance in contacting a lawyer, you may complete the form below and we would be glad to match you with a lawyer who meets your requirements.