The National Industrial Court in Lagos has ordered Ecobank Nigeria Limited, led by Cameroonian executive Alain Nkontchou, to pay N1,086,611,589.11 (approximately $681,632) into the account of the chief registrar of the court.
This payment is pending the hearing and determination of an appeal filed by Ecobank against the court's previous judgment.
Background of the caseOn July 16, 2024, Justice R.H. Gwandu ruled on an appeal by Ecobank. The bank sought to overturn a judgment that mandated it to pay 1,742 former Oceanic Bank employees for unpaid gratuities and staff savings.
The bank had applied for a stay of execution, but the court denied this application. Instead, the court granted the ex-employees' application for an Order Nisi, allowing the attachment of all monies owed to Ecobank by the Central Bank of Nigeria and other commercial banks until the appeal's outcome.
