Connect with us

News

12yrs after disengagement: Court orders Ecobank to pay 1,742 ex-Oceanic bank unpaid gratuities, savings

Published

on

ADVERTISEMENT
Zoom Ad
ADVERTISEMENT
Zoom Ad

The National Industrial Court sitting in Lagos, has ordered Oceanic Bank to pay N1,086,611,589.11 to 1,742 ex-staff, who were denied thier entitlements by the banks.

Justice R. Gwandu gave the order while delivering judgment in suit Number NIC/LA /231/2012 filed by 1,742 ex-employees of defunct Oceanic Bank, which merged with Ecobank Bank Limited sometimes in 2012.

In the representative suits filed by Mr. Nwabu Okoye, counsel to Mr Babajide Bayode, Yemisi Adesote, Adeboyejo Oladimeji, Seun Aina, Yusuf Kadiri, Segun Alasan, Adetayo Familugba and Lolade Olaribigbe, who sued for themselves and as representatives of 1,733 other ex-employees of Oceanic Bank, now Ecobank Nigeria Limited, the plaintiffs sought the following orders from the court:

“An order directing that they be paid the outstanding sum of N1,146,470,393,.62 being the sum total of thier savings in the Staff Savings Investment Trust Fund, SSITF, scheme contributed by 1742 ex-employees of Oceanic Bank made up of those transfered to Ecobank upon merger of the two banks through the merger of February 15, 2012, and those whose employment were determined before or upon the said merger which remain unpaid till date.”

Advertisement

The claimants in thier statement of claim said the amount is outstanding as their contributions to the SSITF scheme which the defendant has refused to pay till date stands at N926,901,065.60.
Claimants also asked the court for an order directing the bank to pay the sum of N159,710,523.51 being the total sum due as gratuities to 48 of the claimants and another sum of N59, 858,804,.51 being the short payments of severance or redundancy paid by the defendant to 74 of them.
However, the bank through its lawyer, S. Arubike filed a statement of defense to the suit as well as counter- claim.

The bank claim demanded for the sum of N967,529,765.38 being the excess of severance and or redundance benefits paid to the ex- staff of Oceanic Bank, that is, the claimants at 24 percent interest from October 30, 2014, until any judgement is delivered in it’s favour and interest of 10 per cent untill the judgment sum is fully liquidated.

Justice Gwandu in his judgment held that upon the consummation of the merger, Ecobank has fully acquired all the assets and liabilities of Oceanic Bank and cannot repudiate or push some of the liabilities on its employees, moreso, when it was the bank that was in control of the SSITF scheme.

Advertisement
Continue Reading
Advertisement
Click to comment

Warning: Undefined variable $user_ID in /home/naijuinz/public_html/wp-content/themes/zox-news/comments.php on line 49

You must be logged in to post a comment Login

Leave a Reply

News

INEC set to publish details of 2027 Presidential, National Assembly candidates on August 1

Published

on

ADVERTISEMENT
Zoom Ad
ADVERTISEMENT
Zoom Ad

The Independent National Electoral Commission (INEC) will on Saturday, August 1, 2026, publish the particulars of all presidential and National Assembly candidates contesting the 2027 general election for public inspection at its offices across the country.

The publication of the candidates’ details, contained in Form EC9, is in compliance with Section 29(3) of the Electoral Act, 2026, which requires the commission to make the personal particulars of nominated candidates available for public scrutiny within 21 days of receiving them.

Political parties concluded the online submission of the names, personal particulars and other required documents for their presidential and National Assembly candidates on Tuesday, July 14, 2026, after INEC granted a 72-hour extension to the original deadline. ExecutiveBranch

Under the commission’s revised timetable, nominations for presidential and National Assembly candidates were initially scheduled to be submitted between June 27 and July 11, 2026.

Advertisement

Section 29(1) of the Electoral Act, 2026, requires political parties to submit Forms EC9, EC9A, EC9B, EC9C, EC9D and EC9E, containing the names and personal particulars of their nominated presidential and National Assembly candidates, not later than 120 days before the election.

Speaking on whether the 72-hour extension would affect the publication date, INEC Deputy Director of Publicity, Wilfred Osilama Ifogah, said he did not expect any change, although he stressed that he was expressing a personal opinion rather than the commission’s official position.

“I doubt. It might not necessarily affect it. It’s just for the Commission to put the information together and submit it. This is my opinion. I’m not talking officially. When it gets to the time, you will see whether the Commission will publish it or not,” he said.

Meanwhile, the online submission of nominations for governorship and State Houses of Assembly candidates, which commenced on July 18, will continue until August 8, 2026.

Advertisement

INEC has scheduled August 29, 2026, for the publication of the personal particulars of governorship and State House of Assembly candidates through Form EC9.

The commission had earlier conducted party primaries for all elective positions between April 23 and May 30, 2026.

According to INEC’s election timetable, the presidential and National Assembly elections will hold on January 16, 2027, while the governorship and State Houses of Assembly elections are scheduled for February 6, 2027

Advertisement
Continue Reading

News

CSOs, Youth Groups Push for Inclusive NYSC Reform, Convene National Dialogue

Published

on

ADVERTISEMENT
Zoom Ad
ADVERTISEMENT
Zoom Ad

By Gloria Ikibah

A coalition of civil society organisations and youth groups has announced plans to convene a national dialogue on proposed reforms to the National Youth Service Corps (NYSC), seeking to ensure that the review process reflects the views of Nigerians before the Federal Government takes a final position.

The initiative, being organised by the Centre for Equity, Justice and Transparency in partnership with the Save Nigeria Movement, is expected to bring together policymakers, academics, former corps members, youth organisations, security agencies and other stakeholders to examine the future of the scheme and recommend practical reforms.

Convened by legal practitioners Sorkaa Tsembelee and Patrick Agbese, the one-day dialogue aims to generate a comprehensive working document that will be presented to the Federal Government as part of ongoing efforts to review the NYSC Act.

Advertisement

In a statement issued on Friday, the organisers said the forum was intended to provide an inclusive platform where stakeholders could contribute meaningfully to the reform process.

The statementread: “The essence of this dialogue is for critical stakeholders to make input into the proposed NYSC reforms before the President’s administration takes final decisions.

“We will have senior academics, former corps members, youth groups and other members of society to dissect the proposed reforms thoroughly.

“It will thereafter catalyse into a working document for the Federal Government. We will invite the CDS, the Army and others. Let everyone look at it and say their own.”

Advertisement

Established in 1973 after the Nigerian Civil War, the NYSC was designed to promote national unity, encourage integration among young graduates and foster national development through compulsory service outside their states of origin. Over the decades, corps members have played significant roles in education, healthcare, agriculture and community development, particularly in underserved communities.

However, growing concerns over the safety and welfare of corps members, inadequate funding, deployment policies and questions surrounding the relevance of some aspects of the programme have fuelled calls for a comprehensive review.

The organisers said the dialogue will assess whether the scheme still aligns with its founding objectives while identifying legislative and policy changes needed to address present-day realities.

They maintained that while reforms were necessary, the NYSC’s central mission of promoting national cohesion should be preserved alongside efforts to strengthen skills development, entrepreneurship and youth empowerment.

Advertisement

“This is not about tearing down an institution that has served Nigeria well; it is about refining it with the collective wisdom of those who have lived the experience and those who study its impact.

“Former corps members carry practical insights that policymakers often miss, and we want those voices at the table.

“Youth groups and civil society must not be spectators while decisions that will shape the next generation of Nigerian graduates are taken. The dialogue creates the space for genuine, structured input”, it added,.

According to the organisers, discussions will focus on critical issues including corps members’ welfare, security, orientation camp facilities, deployment procedures, funding mechanisms and the effectiveness of the Community Development Service (CDS) programme.

Advertisement

They added that academics will provide comparative analyses of national service models in other countries, while security agencies would offer institutional perspectives on improving the protection of corps members, particularly those posted to areas affected by insecurity.

“We cannot discuss NYSC reforms without hearing from those who secure the environment in which corps members serve. The CDS and the Army have institutional knowledge that is indispensable.

“Their perspectives on logistics, security and inter-agency coordination will enrich the final document.

“Senior academicians will help us situate the proposed reforms within the broader context of nation-building. We need evidence-based contributions, not just opinions”, the said.

Advertisement

The organisers said the ultimate goal was to produce practical recommendations capable of informing both legislative and executive action.

They explained that the final report would reflect contributions from former corps members, scholars, security agencies, youth organisations and civil society groups, providing government with workable proposals for strengthening the scheme without compromising its original mandate.

“The working document that emerges from this dialogue must be something the government can work with.
“It should reflect the views of those who have served, those who teach, those who protect, and those who advocate.

“Anything less would be a missed opportunity. We are calling on all stakeholders to come prepared to engage constructively.

Advertisement

“The future of the NYSC is too important to be decided in isolation. This national dialogue is our contribution to an open, inclusive process”, the statement further read. 

Continue Reading

News

No plans to increase electricity tariffs – Power Minister assures Nigerians

Published

on

ADVERTISEMENT
Zoom Ad
ADVERTISEMENT
Zoom Ad

 

The Minister of Power, Joseph Tegbe, has declared that President Bola Tinubu’s administration has no intention to jerk up electricity tariffs beyond the current level.

He disclosed this during a media briefing in Abuja on Friday.

According to him, the Tinubu administration’s priorities are improving electricity service delivery, expanding access to electricity, and ensuring that Nigerians pay only for the electricity they consume.

Advertisement

The minister said that, over the last two weeks, the country has consistently generated 5,000 megawatts of electricity.

“We are already witnessing encouraging improvements in electricity generation. Over the course of the last two weeks, we have consistently generated 5,000MW.

“Permit me to address two issues that have generated considerable public discussion. First, there is no policy by this administration to increase electricity tariffs beyond the current level. Our priority is not a tariff increase in the immediate term. Our priority is service improvement, universal metering, and ensuring Nigerians pay only for the electricity they actually consume,” he stated.

He added that the objective of the Federal Government is to provide reliable electricity to homes across the country.

Advertisement

“Our ambition is clear: reliable electricity that powers our homes.”

Tegbe’s comments come amid debate over a fresh electricity tariff hike, fuelled by remarks made by Tinubu’s Special Adviser on Power Infrastructure, Sadiq Wanka.

Nigerian electricity consumers have kicked against the proposed electricity tariff hike.

Advertisement
Continue Reading

Trending

Copyright © 2024 Naija Blitz News