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Court orders N1bn payment to Oceanic Bank’s ex-employees
The National Industrial Court, Lagos Division, has ordered Ecobank Nigeria Limited to pay the sum of N1,086,611,589.11 to 1,742 former employees of the defunct Oceanic Bank.
The ex-employees were allegedly denied their rightful entitlements following the merger of Oceanic Bank with Ecobank in 2012.
Justice R. A. Gwandu delivered the judgment in Suit No. NIC/LA/231/2012, filed by the ex-employees through their counsel, Mr Nwabu Okoye.
Some of the ex-employees are 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 several orders, including the payment of their contributions to the Staff Savings Investment Trust Fund, unpaid gratuities, and short payments of severance benefits.
According to the claimants, the total outstanding contributions to the SSITF amounted to N926,901,065.60.
The plaintiffs also demanded N159,710,523.51 as gratuities for 48 claimants and N59,858,804.51 for short payments of severance or redundancy benefits to 74 others.
The court was further asked to grant an order directing Ecobank to pay 22 per cent interest per annum on the aforesaid sums of money being claimed from February 15, 2012 until judgment and thereafter at the rate of 12 per cent per annum until the liquidation of the judgment sum.
Ecobank, represented by its counsel, S.C. Arubike, had filed a counter-claim, seeking to recover N967,529,765.38, which it described as excess severance and redundancy payments, along with interest.
The bank also claimed that N225,724,076.78 was allegedly overpaid gratuities and N1,541,491,955.03 for outstanding credit facilities.
But Justice Gwandu entered judgment in favour of the ex-employees.
He held: “Upon the consummation of the merger, Ecobank assumed all assets and liabilities of Oceanic Bank. The bank cannot repudiate or push some of these liabilities, especially regarding the SSITF scheme, which it controlled.”
Dismissing Ecobank’s counter-claim, Justice Gwandu said, “The bank failed to present credible evidence to support its claims. Ecobank is liable for the sum of N926,901,065.60 as contributions to the SSITF by 1,742 ex-employees of Oceanic Bank.”
The judge further ruled in favour of the plaintiffs regarding unpaid gratuities, ordering Ecobank to pay N159,710,523.51.
However, the claim for N59,858,804.51 as short payments of severance benefits was denied.
Justice Gwandu explained, “It would be unfair to hold Ecobank responsible for lapses under the agreement brokered by ASSBIFI, as some ex-staff benefited from it.”
The court also granted a 10 per cent interest on the judgment sum, starting 30 days after the judgment until the amount is fully liquidated.
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Core Public Servants hail Tinubu for appointing thoroughbred Procurement officer, Adedokun as BPP DG
A group under the aegis of Core Public Servants, CPS hail President Bola Tinubu for appointing Dr Adebowale Adedokun, a thoroughbred Procurement officer as the Director General of Bureau of Public Procurement, BPP.
CPS in a congratulatory letter signed by Kudirat Akindero to Adedokun lauded President Tinubu for following due process and picking the most qualified to run the affairs of the soecialised agency.
In the letter, the ADSC said:
“Congratulations to Dr. Adebowale Adedokun, PhD (MCIPS, CMILT), on his appointment as the Director-General/Chief Executive Officer of the Bureau of Public Procurement (BPP).
“This significant achievement reflects his extensive expertise and unwavering dedication to advancing public procurement in Nigeria.
“With over 20 years of robust experience in public service, Dr. Adedokun has made substantial contributions to procurement reform.
“His distinguished academic background includes a doctorate in Procurement and Supply Chain Management, complemented by four master’s degrees in Procurement, Finance, Technology, and Transportation Management.
” This diverse educational foundation equips him with a comprehensive understanding of the complexities inherent in procurement processes.
“In his career, Dr. Adedokun has held pivotal roles, including serving as a National Consultant for the United Nations Development Programme (UNDP) on public procurement reforms.
“He represents Nigeria in the International Research Study on Public Procurement (IRSPP) and serves as a World Bank Resource Person on Sustainable Procurement. His commitment to capacity building is evident in his training of over 4,000 federal and state government procurement professionals nationwide.
” Additionally, he has been instrumental as the focal point officer for the UN Women Project aimed at empowering women in procurement in Nigeria and as the Project Coordinator/Procurement Node for the SPESSE – World Bank Project.
“Dr. Adedokun’s professional affiliations are extensive, including membership in the Chartered Institute of Procurement & Supply (CIPS), UK; Chartered Membership in the Chartered Institute of Logistics & Transport (CILT); Fellowship in the Institute of Strategic Management Nigeria (ISMN); Fellowship in the Institute of Management Consultants (ICMC), Nigeria; membership in the Nigerian Institute of Chartered Arbitrators (ACArb); Fellowship in the Nigeria Institute of Training & Development (NITAD); membership in the Nigeria Institute of Management (NIM); and membership in the Association of Certified Fraud Examiners (ACFE).
In recognition of his consistent contributions to reform, Dr. Adedokun was honored with a Certificate of Special Recognition by USAID’s Nigerian Reforms Project in July 2009.
As he assumes the role of Director-General of the BPP, Dr. Adedokun’s extensive knowledge and experience are anticipated to significantly contribute to the agency’s strategic repositioning.
” His leadership is expected to advance efficiency, transparency, and accountability within Nigeria’s public procurement system.
Once again, congratulations to Dr. Adebowale Adedokun on this well-deserved appointment.
Core Public Servants hail Tinubu for appointing thoroughbred Procurement officer, Adedokun as BPP DG
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