Court insists Ecobank deposit Rp1.089 billion to settle former Oceanic Bank staff issues pending final verdict

The National Industrial Court in Lagos has mandated Ecobank Nigeria to deposit N1.086 billion into the account of the Chief Registrar of the National Industrial Court.

The decision came as the court heard Ecobank’s appeal against an earlier ruling.

The order issued by Justice R. Gwandu was in response to Ecobank’s application for a stay of execution of a judgment requiring the bank to pay N1,086,611,589.11 to 1,742 former employees of Oceanic Bank. The employees alleged that the bank failed to pay their Employees’ Savings and allowances.

In addition, the court had earlier issued an order nisi to seize all outstanding funds held by Ecobank with the Central Bank of Nigeria and other banks in Nigeria to ensure the payment of the judgment debt.

In its recent ruling, the court dismissed Ecobank’s application to stay the execution of the judgment and upheld the order nisi, which requires the judgment money to be deposited into the Chief Registrar’s account until the appeal is resolved.

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The case began when 1,742 former Oceanic Bank employees filed a lawsuit against the bank for not providing them with the benefits they were entitled to. The National Industrial Court then ordered Ecobank to pay the amount.

Dissatisfied with the decision, Ecobank appealed and asked for a stay of execution. In response, the former employees filed an order nisi to seize funds to satisfy the judgment.

Justice Gwandu, in his ruling on the application for stay and order nisi, stated: “The decision of the panel of judges reads the application for stay, the order nisi is granted as requested, the stay of execution is denied.”

He further emphasized the court’s responsibility to protect the integrity of its decision and ensure that the merits of the case are maintained during the appeal process. The defendants to the decision were instructed to pay a sum of money into the Chief Clerk of the Court’s account while awaiting the outcome of the appeal.

The class action was filed by Mr. Nwabu Okoye, counsel for Mr. Babajide Bayode, Yemisi Adesote, Adeboyejo Oladimeji, Seun Aina, Yusuf Kadiri, Segun Alasan, Adetayo Familugba and Lolade Olaribigbe, representing themselves and 1,733 former employees of Oceanic Bank, now Ecobank Nigeria Limited. The plaintiffs have sought various orders from the court.

Court insists Ecobank pay 1.089 billion to settle former Oceanic Bank staff issues pending final verdict first appeared on Latest Nigeria News | Headlines from Ripples Nigeria.