Court Orders Ecobank to Pay N1bn to Ex-Oceanic Bank Workers

The National Industrial Court, Lagos Division, has ordered Ecobank Nigeria Limited to pay N1,086,611,589.11 to 1,742 former Oceanic Bank staff for unpaid gratuities and staff savings.

Justice R. H. Gwandu made the order on July 16, 2024, while ruling on an appeal filed by Ecobank against the previous judgment that directed the bank to pay the ex-workers.

The court also granted 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.