Ecobank Nigeria Limited has been ordered by the National Industrial Court, Lagos Division, to deposit the sum of N1,086,611,589.11 into the account of the Chief Registrar of the National Industrial Court. This action is to be taken pending the hearing and determination of the appeal filed by Ecobank Bank against the judgment of the Court.

On July 16, 2024, Justice R. H. Gwandu issued a ruling concerning an appeal lodged by Ecobank against a prior decision that mandated the bank to compensate 1,742 former employees of Oceanic Bank for outstanding gratuities and staff savings. The bank's request for a stay of execution was rejected.

Nevertheless, the court approved the application from the former employees for an Order Nisi, which allows for the attachment of all funds owed to Ecobank by the Central Bank of Nigeria and other commercial banks, until the appeal is resolved.

Justice Gwandu stated, "The court denies the request to stay the execution of the judgment and grants the Order Nisi as requested.

It is essential to uphold the integrity of this court's judgment and to ensure that the judgment amount is safeguarded while awaiting the appeal's outcome."

It is important to note that following the legal action initiated by 1,742 former employees of Oceanic Bank against Ecobank, who were denied their rightful entitlements, the National Industrial Court in Lagos rendered a judgment ordering Ecobank Nigeria Limited to pay a total of N1,086,611,589.11 to the former employees.

In response to the court's decision, Ecobank expressed its dissatisfaction by filing an appeal and requesting a stay of execution on the judgment. Justice Gwandu, in addressing the application for a stay and the order nisi, stated: “Order nisi is granted as prayed, stay of execution is denied.”

Furthermore, the court emphasized the necessity of safeguarding the integrity of its judgment, asserting that it is the court's responsibility to ensure the protection of the Res, regardless of the status of the appeal.

Consequently, the court mandated that the judgment debtor deposit the awarded sum into the account of the Chief Registrar of the National Industrial Court of Nigeria while awaiting the resolution of the appeal lodged by the applicants.

The claimants Babajide Bayode, Yemisi Adesote, Adeboyejo Oladimeji, Seun Aina, Yusuf Kadiri, Segun Alasan, Adetayo Familugba, and Lolade Olaribigbe, had through their counsel Mr Nwabu Okoye, filed the suit against Ecobank.

The aforementioned individuals filed a lawsuit on their own behalf and as representatives of an additional 1,733 former employees of Oceanic Bank, which is now known as Ecobank Nigeria Limited.