CBN, NDIC Appeal Ruling on Unpaid Bank Staff Entitlements

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The Court of Appeal in Lagos has heard a crucial appeal filed by the Central Bank of Nigeria and the Nigeria Deposit Insurance Corporation against a National Industrial Court judgement. The judgement ordered the CBN and NDIC to pay over ₦5.7 billion in unpaid entitlements to former staff of non-consolidated banks.

The appeal stems from the 2006 banking consolidation exercise introduced by former CBN Governor Prof. Chukwuma Soludo, which led to the shutdown of several banks that failed to meet the ₦25 billion capital requirement. This resulted in mass layoffs, with many employees losing their jobs without receiving benefits.

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After hearing submissions from both sides, the court reserved judgement and announced it would deliver its decision within three months.

Tayo Oyetibo, SAN, representing the Association of Ex-Staff of Non-Consolidated Banks, expressed confidence in the legal process, stating, “You can see that we have argued our case to the best of our ability. We have succeeded in convincing the court based on the strength of our case.” He added, “Let us remain hopeful as we await the judgement. The date will be communicated to the parties, and the judgement is expected to be delivered within three months from today.”

Magnus Maduka, Chairman of the Association, expressed optimism about the outcome, saying, “We are awaiting the date of the judgement to be communicated to us. As for the outcome, we are still hopeful. I don’t want to say much. Let us wait for the judgement day.” Maduka noted, “I think the worst is over. 

Most of what could have made our case a bad case has been resolved. We do have a case, and we are trusting God; that’s why we won at the National Industrial Court.” He also stated, “We are very positive about the judiciary, and it has done well in this regard.”

As anticipation builds, the ex-bankers and their supporters watch and wait—hoping that justice, delayed for years, is not ultimately denied.

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