Section 21: Transfer of employees to the designated successor companies and conditions of services of transferred employees

(1) Every person employed by the initial holding company immediately before the date specified in the relevant transfer order pursuant to which he is transferred shall be transferred to the service of a designated successor company, on terms not less favourable than those enjoyed by him immediately prior to the transfer.
(2) The service rendered by an employee transferred pursuant to a transfer order shall be the service with the designated successor company for the purpose of determining employment-related-entitlements as specified by relevant laws of employment in Nigeria.
(3) Until such time as conditions of service are drawn up by the designated successor company -
(a) the terms and conditions of service applicable to employees of the initial holding company shall continue to apply to every person transferred to the designated successor company as if every such person were still in the service of the initial holding company;
(b) an employee may be permitted to continue to contribute towards a pension he was contributing to when he was in the employ of the initial holding company; and
(c) the designated successor company shall continue to contribute towards a pension scheme to which the initial holding company was contributing in respect of employees in the employ of the initial holding company, prior to the date of transfer.