Ecobank ordered to pay N1bn judgment debt to ex-Bank workers

Ecobank Nigeria Limited, a commercial financial retailing has been ordered by the National Industrial Court Lagos division to pay a judgment debt to the tune of N1,086,611,589.11.

The amount is to be paid into the account of the Chief Registrar of the National Industrial Court, pending the hearing and determination of the appeal filed by Ecobank Bank against the judgment of the Court.

The judgment was delivered by the Hon. Justice R. H. Gwandu on July 16, 2024, while ruling on an appeal filed by Ecobank against the previous judgment that directed the bank to pay 1,742 former Oceanic Bank staff for unpaid gratuities and staff savings.

Beneficiaries of amount to be paid, are former staff of the defunct Oceanic bank which Ecobank took over including the bank’s asset and liabilities.

Ecobank however applied for stay of execution of the Court order through its legal representative, but was declined by the Court.
However, the court granted the ex-employees application for an Order Nisi to attach all monies owed to Ecobank with the Central Bank of Nigeria and other commercial banks, pending the determination of the appeal.

“The court refuses the application to stay the execution of the judgment and grants the Order Nisi as prayed.

“It is imperative to protect the integrity of this court’s judgment and ensure the judgment sum is secured pending the outcome of the appeal,” Justice Gwandu held.

It would be recalled that following the suit filed by 1,742 ex-Oceanic Bank employees against Ecobank who were denied their legitimate entitlements by the bank, the National Industrial Court, Lagos Division in a judgment had ordered Ecobank Nigeria Limited to pay the sum of N1, 086,611,589.11 to the ex-workers.

Dissatisfied with the Court, Ecobank filed an appeal against the judgment of the court and an application for a stay of the execution of the judgment.

Justice Gwandu in his ruling on the application for stay, and the application for order nisi held: “Order nisi is granted as prayed, stay of execution is denied.”

In the bench ruling, the court also held, “It, therefore, behoves this court to take steps to protect the integrity of its judgment and see that the Res is protected even when the appeal may or may not be pending.

“I hereby order the judgment debtor to pay the judgment sum into the account of the Chief Registrar of National Industrial Court of Nigeria pending the outcome of the appeal filed by the applicants.”

The claimants Babajide Bayode, Yemisi Adesote, Adeboyejo Oladimeji, Seun Aina, Yusuf Kadiri, Segun Alasan, Adetayo Familugba, and Lolade Olaribigbe, had through their counsel Mr Nwabu Okoye, filed the suit against Ecobank.

They sued for themselves and as representatives of 1,733 other ex-employees of Oceanic Bank now Ecobank Nigeria Limited.