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Court orders N1bn payment to Oceanic Bank’s ex-employees

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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.

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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.

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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.”

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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.”

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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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PHOTOS Of Prisoners Who Escaped Borno Prison And Those Recaptured

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By Mario Deepromoter

Nigerian Correctional Service on Sunday disclosed that about 281 inmates escaped from Maiduguri Medium Security Custodial Centre following severe flooding in the capital city.

NCoS spokesperson, Umar Abubakar, said the agency had alerted the Nigerian Immigration Service, and Nigeria Police Force among other security agencies to help recapture the fleeing inmates.

“Every security agency in the country has been notified and they are on alert to help track down the fleeing inmates wherever they may be. With their help, we will capture them and return them to our custodial centre,” Umar said.

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In a statement on Sunday, he said of the 281 fleeing inmates, seven had already been recaptured and returned to the facility.

“The Nigerian Correctional Service has observed the flooding currently being experienced in Maiduguri, Borno State, and its environment.

The unfortunate incident has left scars, bringing down the walls of the correctional facilities, including the Medium Security Custodial Centre in Maiduguri as well as the staff quarters in the city.

“Upon the evacuation of inmates by officers of the service, with support from sister security agencies to a safe and secure facility, 281 inmates were observed to be missing.

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Presently, a total of seven inmates have been recaptured and returned to custody, while efforts are on the ground to track down the rest and bring them back to safe custody,” the statement read in part.

Abubakar further stated that details of the fleeing inmates had been made available to the public while noting that efforts were underway to track them.

“However, it is important to note that the service is in the custody of their details, including their biometrics, which are being made available to the public. The service is working in synergy with other security agencies as both covert and overt deployments have been activated to locate them. While this effort is ongoing, the public is assured that the incident does not impede or affect public safety,” the statement added.

Recall that the flood affected many parts of Maiduguri, leading to the displacement of over 300,000 residents and the deaths of over 30 people, including children.

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Meanwhile, Borno State Governor, Babagana Zulum, on Saturday said he was “seriously worried” that jailed Boko Haram terrorists might have escaped from the prison facility.

See Pictures Below;

Prisoners

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SEE new price of petrol across all 36 states

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By Mario Deepromoter

Despite the counter accusations by both Dangote Refinery and NNPCL over prices, the price list of petrol has emerged online.

According to reports, this is because NNPCL bought petrol at a higher price from Dangote Refinery on Sunday.

NNPCL also mentioned that Dangote Refinery sold the petrol in US Dollars, not naira, against the federal government’s directive.

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However, Dangote Refinery will sell its petrol in naira starting in October.

According to a breakdown from NNPCL, Dangote Refinery sold petrol to NNPCL at N898.78 per litre.

NNPCL paid Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) fee of N8.99, inspection fee of N0.97, a distribution cost in Lagos of N15, margin N26.48.

NNPCL’s statement added that the estimated pump price in:
Lagos will be N950.22
Sokoto State N999.22
Kano State N999.22
Borno State N1,019.22
Kaduna N999.22
FCT N992.22
Oyo State N960.22
Lagos State N950.22
Rivers State N980.00
Imo State N980.22

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An analysis of the chart showed that except from Lagos State, other states of the federation will be paying higher because of distribution costs.

The distance from Dangote Refinery and NNPCL‘s depot in Lagos State to other states of the country majorly would determine the price differences.

The report also showed that the six geo-political zones would be paying differently.

The North East states would be paying the highest per liter from N1,019.22, followed by North West states from N999.22, followed by North Central states from N992.22, followed by South East states from N980.22, South South states from N980.22 and South West states paying the least from N960.22, except Lagos State paying from N950.22.

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At the time of filing this report, the presidency is yet to speak on the latest development.

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Rivers 2027: Ogoni powerful men snub Fubara, throw weight behind Wike

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By Mario Deepromoter

Political heavyweights from the Ogoni and Oyigbo zones have formally withdrawn their support for Rivers Governor Siminalayi Fubara ahead of the 2027 general elections.

The leaders have dumped Fubara and lace their boots with the action packed Minister of the Federal Capital Territory (FCT), Nyesom Wike.

The leaders gathered on Saturday in Nonwa, Tai Local Government Area, at an event tagged “Ogoni, Oyigbo People’s Assembly.”

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The assembly, which focused on fostering unity between the two ethnic zones, was heavily attended by politicians loyal to Wike, who remains locked in a bitter political feud with Fubara, his estranged protégé.

Prominent personalities, including Senators Barinada Mpigi and Magnus Abe, Ambassador Desmond Akawor, and Chief Victor Giadom, attended the meeting.

The group emphasized that after years of marginalization, it was time for Ogoni and Oyigbo to produce the next governor of Rivers State.

Speaking on behalf of the assembly, Senator Mpigi declared, “The Ogoni and Oyigbo Peoples Assembly, a multi-political convergence of five Local Government Areas within the Rivers South-East Senatorial District, met today to reaffirm their support for the President Bola Tinubu-led administration and pledged total loyalty to the former Governor of Rivers State and current Minister of FCT, Chief Nyesom Wike.

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“We also reiterate the obvious fact that the senatorial district’s upland is due for a governor and should produce the next governor of Rivers State come 2027.”

Tensions between Wike and Governor Fubara have been mounting, with Wike publicly withdrawing his support for his former ally.

Wike, who was instrumental in Fubara’s rise to power, has accused the governor of straying from their shared vision for the state.

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