Former banks’ workers secure N5.7b court judgment against CBN, NDIC

Over 1, 000 ex-staff of non consolidated banks has secured a court judgment mandating the Central Bank of Nigeria (CBN) and the Nigeria Deposit Insurance Corporation (NDIC) to settle their unpaid entitlements estimated at over N5.7billion.

Giving new insights on this development on Friday were some of the affected erstwhile employees, who spoke with reporters in Lagos.

The aggrieved ex-banks’ staff hitherto in the employ of defunct banks including Trade Bank, Hallmark Bank, Gulf Bank, Metropolitan Bank, and All States Bank respectively, who spoke under the aegis of the Association of Ex-Staff of Nonconsolidated Banks of Nigeria, were led by some of the executive members of the group.

The executives include Chairman, Pastor Magnus Maduka; Deputy Vice-Chairman, Vincent Elelegwu; Director of Administration, Mr. Okey Igwe; Director of Protocol, Aliyu JK Olaiya; Publicity Secretary, Charity Obuotor; and Ebimobowei Suoye.

Specifically, Maduka recalled: “Justice Paul Bassi of the National Industrial Court, Lagos, ordered CBN and NDIC to pay us (those affected by the recapitalization exercise carried out by the CBN in 2006) N5.7 billion terminal benefits within three months.

“The judge gave the regulators three months with which to get back to us, failing which there will be 10 percent interest on the sum in question; but up until now, they have not gotten across to us.

“But, we cannot preempt them because the deadline is not yet here, it’s just a little over a month now. So, we believe they must be doing something that will come out positive and we don’t expect any nasty surprise.’’



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