Court Orders CBN, NDIC To Pay Bank Workers Over Five Billion Naira.

National Industrial Court sitting in Lagos has ordered the Central Bank of Nigeria (CBN) and the Nigeria Deposit Insurance Corporation (NDIC) to pay over five point seven billion naira terminal benefits to over 1,000 bank workers affected by the re-capitalisation exercise of two thousand and six.

The money is to be paid within three months from the date of judgment, failing which it will attract ten percent interest until liquidated.

Justice Paul Bassi made the order while delivering judgment in the case filed by one thousand one hundred and 16 claimants who had approached the court since 2018.

The court also ordered the CBN and the NDIC to pay another ten million naira as general damages to the claimants.

The two defendants raised several objections, insisting among other things that they were not employers of the workers and the suit disclosed no cause of action against them.

In his judgment, Justice Bassi dismissed the preliminary objections of the defendants and held while they may have acted in the general good by raising the capital base of banks in the country, it should not be done at the expense of the former employees.