Court insists Ecobank deposit N1.089bn to settle former Oceanic Bank staff pending final judgment

A National Industrial Court in Lagos has mandated that Ecobank Nigeria deposit N1.086 billion into the account of the Chief Registrar of the National Industrial Court.
This decision comes as the court hears Ecobank’s appeal against a previous judgment.
The order, issued by Justice R. Gwandu, was made in response to Ecobank’s request for a stay of execution regarding a judgment requiring the bank to pay N1,086,611,589.11 to 1,742 former Oceanic Bank employees. The employees had alleged that the bank had failed to pay their Staff Savings and gratuities.
Additionally, the court had previously issued an order nisi for the attachment of all outstanding funds held by Ecobank with the Central Bank of Nigeria and other banks in Nigeria to ensure satisfaction of the judgment debt.
In its recent ruling, the court denied Ecobank’s application to stay the execution of the judgment and upheld the order nisi, requiring the judgment sum to be deposited into the Chief Registrar’s account until the appeal is resolved.
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The case began when the 1,742 ex-Oceanic Bank employees filed a suit against the bank for not providing their entitled benefits. The National Industrial Court subsequently ordered Ecobank to pay the specified amount.
Displeased with this decision, Ecobank filed an appeal and requested a stay of execution. In response, the former employees sought an order nisi for the attachment of funds to satisfy the judgment.
Justice Gwandu, in ruling on both the stay application and the order nisi, stated: “Bench ruling read on motion for stay, order nisi is granted as prayed, stay of execution is denied.”
He further emphasized the court’s responsibility to protect the integrity of its judgment and ensure the subject matter is preserved during the appeal process. The judgment debtor was instructed to pay the amount into the Chief Registrar’s account pending the appeal’s outcome.
The representative action was filed by Mr. Nwabu Okoye, counsel for Mr. Babajide Bayode, Yemisi Adesote, Adeboyejo Oladimeji, Seun Aina, Yusuf Kadiri, Segun Alasan, Adetayo Familugba, and Lolade Olaribigbe, who represented themselves and 1,733 other ex-employees of Oceanic Bank, now Ecobank Nigeria Limited. The claimants had sought various orders from the court.
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