Ex-bankers fight CBN, NDIC, 4 banks over N9.8bn

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EX-BANKERS of eight non-consolidated banks have sued the Nigeria Deposit Insurance coverage Company (NDIC), Central Financial institution of Nigeria (CBN) and 4 acquirer banks over unpaid N9.eight billion terminal profit eleven years after disengagement from the companies of the non-consolidated banks.

The eight non-consolidated banks are Allstates Belief Financial institution, Hallmark Financial institution, Assurance Financial institution, Eagle Financial institution, Gulf Financial institution, Liberty Financial institution, Metropolitan Financial institution and Commerce Financial institution.

The previous bankers filed an motion swimsuit via the Registered Trustees of the Affiliation of Ex-Employees of Non-Consolidated Banks of Nigeria and all ex-workers of eight banks not consolidated within the banks consolidation train on the Nationwide Industrial Court docket, Lagos Judicial Division.

Buying banks joined within the swimsuit are Ecobank Nigeria Plc, UBA Plc, Skye Financial institution Plc and Zenith Financial institution Plc.

Ex-bankers fight CBN, NDIC, 4 banks over N9.8bn
CBN Governor, Mr Godwin Emefiele
A breakdown of the claimants’ gratuities confirmed that Allstates and Hallmark Financial institution acquired by Ecobank have been owed over N7billion; UBA acquired Gulf Financial institution, Liberty Financial institution, Metropolitan Financial institution and Commerce Financial institution, owing ex-workers of the respective banks over N1.three billion, whereas Skye Financial institution and Zenith Financial institution have been owing about N600 million and N22 million respectively.

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Recall that in 2005, the CBN below Prof. Chukwuma Soludo because the governor, carried out consolidation train for banks asking that they recapitalise with N25 billion and banks who have been unable to recapitalise had their working licences withdrawn.

On the listening to of the go well with held at Court docket 2, presided over by Justice Benedict Kanyip, the presiding choose suggested the affiliation members to come back as people whilst he adjourned the case to April 26, 2017.

Claimaints’ Counsel, Daniel Omotilewa, stated that the Act imposes an obligation on the NDIC to make sure that buying banks take up the deposits and different liabilities of the acquired banks, together with the terminal advantages of ex-workers.

He hinted that if the precise issues had been executed on the proper time, it was the banks that have been alleged to pay as a result of they had been supposed to amass the belongings and the legal responsibility. “However they made it a form of cherry selecting, purchase vehicles, buildings. Our place is that the regulation doesn’t permit them to do this and if NDIC and CBN had accomplished the best factor on the proper time, it’s these banks that ought to have paid. As a result of they permit the banks to go, they too are defendant to this motion.

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“They’re those that supervised the method, so the onus is strongly on them, for permitting a few of these banks to go away, they don’t have some other alternative than to discover a approach of paying them their cash,” he mentioned.

Imposed poverty

Chairman, Affiliation of ex-employees of Non-Consolidated Banks, Mr. Magnus Maduka, mentioned that the variety of folks affected are over 10,000 including that the Affiliation has misplaced about a hundred individuals to loss of life because of imposed poverty.

Magnus assured members to maintain religion on the case, saying, “We belong to totally different banks and on the common, 14 banks have been affected initially, however two of these banks obtained settled, Lead Financial institution and Metropolis Specific Financial institution, leaving us to about 12 banks in all. If we take a thousand per financial institution, we’re over 10,000.

“Instance is Hallmark the place I labored as Deputy Common Supervisor (DGM). That financial institution has about 1,four hundred staff. We had been attempting to discover the potential of settling this diplomatically with out having to go to courtroom, we made all manners of pleas to NDIC, CBN and the regulatory authorities of the banks however they have been taking part in us alongside, acknowledging that they owed us however instantly what they’re saying to us is that upon realising the property of the financial institution, then they may settle us and we’re speaking of about over 10 years and they’re nonetheless speaking about realising belongings now, it means, they don’t wish to pay us however attempting to frustrate us,” he mentioned.

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