The National Industrial Court in Lagos has mandated Oceanic Bank to pay a substantial sum of N1,086,611,589.11 to 1,742 former employees who were denied their entitlements. The ruling, delivered by Justice R. Gwandu, addresses a long-standing dispute involving the bank's ex-staff.
The case, filed as suit Number NIC/LA/231/2012, was brought by a group of ex-employees following the bank's merger with Ecobank Limited in 2012. The plaintiffs, represented by Mr. Nwabu Okoye and others, sought the payment of outstanding contributions to the Staff Savings Investment Trust Fund (SSITF), as well as unpaid gratuities and severance benefits.
The claimants requested a total of N1,146,470,393.62, which includes N926,901,065.60 in SSITF contributions, N159,710,523.51 in gratuities for 48 ex-staff, and N59,858,804.51 in shortfalls of severance payments for 74 individuals.
In its defense, Oceanic Bank counter-claimed, alleging an excess payment of severance benefits and seeking N967,529,765.38 plus interest. However, Justice Gwandu ruled in favor of the claimants, asserting that Ecobank, as the successor to Oceanic Bank, is responsible for all associated liabilities, including those related to the SSITF scheme.
This ruling underscores the court's commitment to upholding employee rights and ensuring that corporate mergers do not result in the neglect of rightful employee entitlements.
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