Friday, August 19, 2022


N5.7bn terminal benefits: Ex-bankers ask CBN, NDIC to comply with court judgement

N5.7bn terminal benefits: Ex-bankers ask CBN, NDIC to comply with court judgement
July 01
20:01 2022

The association of ex-staff of non-consolidated banks of Nigeria has asked the Nigeria Deposit Insurance Corporation (NDIC) and the Central Bank of Nigeria (CBN) to comply with the court judgement ordering the payment of their N5.7 billion terminal benefits.

Magnus Maduka, chairman of the association, said this during a media briefing on Friday in Lagos.

A national industrial court in Lagos, on May 23, 2022, ordered the agencies to pay N5.7 billion terminal benefits to more than 1,000 bank workers affected by the recapitalisation exercise of 2006.

According to the court, the money is to be paid within three months from the date of judgement, failing which the sum would attract 10 percent interest.


“We, therefore, strongly appeal to the Central Bank of Nigeria (CBN) and to NDIC to be magnanimous enough to settle our claims without further ado,” Maduka said.

“Our members have served this country in the banking industry for years of their lives. Some for over two decades. We are not responsible for the economic doldrums of our nation.

“We believe the delay in settling claims is uncalled for and could be misinterpreted to be callously punitive and not serving any positive purpose whatsoever.”


Maduka complained that over the years, the aggrieved former bank workers have suffered terrible hardships, adding that over 300 of the association’s members have died.

He said members have also suffered illnesses that could not be managed because of money problems.

Maduka added that the association will inform the candidates for the 2023 presidential election about the court judgement.

“Should this drag on and we pray not, we expect them to put it on their agenda. We don’t want to be denied our rights,” he said.


When asked if the association would only speak to the presidential candidates if the deadline elapses without payment, Maduka said it could go either way.

“It doesn’t hurt anything if we go to them now. We will not be malicious about it,” he explained.

“It can happen now or a little after the deadline. But we hope it won’t get to that deadline before they (NDIC and CBN) call us.”

In June 2022, the association had given NDIC and CBN a month’s ultimatum to make the payment in order to avoid “unnecessary problems”.



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