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Ex-Bankers Give CBN, NDIC Ultimatum To Pay N5.7bn Benefits After Court Victory

Discharged bankers under the aegis of the Association of Ex-Staff of Non-Consolidated Banks Of Nigeria have given the Central Bank of Nigeria (CBN) and the Nigeria Deposit Insurance Corporation (NDIC) an ultimatum to pay their N5.7billion benefits.

The Chairman of the association, Magnus Maduka, issued the ultimatum on behalf of the members on Friday during an interview, about two weeks after they won in court.

“The judge said he gave them (CBN and NDIC) three months to pay up, failing which the delay will begin to attract 10 per cent interest on the sum,” he said.

A National Industrial Court in Lagos had on May 23 ordered the Federal Government agencies to pay over N5.7bn terminal benefits to more than 1,000 bank workers affected by the re-capitalisation exercise of 2006.

The money, according to Justice Paul Bassi, is to be paid within three months from the date of judgment failing which would attract 10 per cent interest until liquidated.

About two weeks after the court judgement, the former bankers issued a month’s ultimatum for the CBN and the NDIC for payment of the said benefits to them.

“We gave them one month anyway because we can’t be on this forever,” Maduka added. “If central bank and the NDIC want to save themselves unnecessary problems, they should just grant every staff of those banks, including those that joined last week before the shutdown of the banks their terminal benefits.”

When asked if both agencies had contacted the former bankers on the implementation of the court judgement, Maduka replied in the negative.

He, however, stated that the CBN and the NDIC were aware of the order as they had their lawyers in court on the day the verdict was passed.

According to him, the N5.7 billion benefits would cover the 1,116 former bank workers, as well as those he said, were sending in their letters of credit.

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