The National Industrial Court in Lagos has mandated Ecobank Nigeria Limited to pay N1,086,611,589.11 to 1,742 former employees of the defunct Oceanic Bank.
The judgment, delivered by Justice R. A. Gwandu in Suit No. NIC/LA/231/2012, came after the ex-employees, represented by their counsel Mr. Nwabu Okoye, claimed they were denied rightful entitlements following Oceanic Bank’s merger with Ecobank in 2012.
The plaintiffs, including Babajide Bayode and Yemisi Adesote, sought payments for contributions to the Staff Savings Investment Trust Fund (SSITF), unpaid gratuities, and short severance benefits.
The court awarded N926,901,065.60 for SSITF contributions and N159,710,523.51 for unpaid gratuities. However, the claim for N59,858,804.51 as short severance payments was denied.
Ecobank’s counter-claim to recover overpayments and outstanding credit facilities was dismissed due to a lack of credible evidence. The court also granted a 10% interest on the judgment sum, effective 30 days after the judgment until full payment.