News
Court Tells Ecobank To Pay N1bn To Ex-Oceanic Bank Workers
The National Industrial Court Lagos division has ordered Ecobank Nigeria Limited to pay the sum of N1,086,611,589.11 being judgment debt into the account of the Chief Registrar of the National Industrial Court, pending the hearing and determination of the appeal filed by Ecobank Bank against the judgment of the Court.
Justice R. H. Gwandu made the order on July 16, 2024, while ruling on an appeal filed by Ecobank against the previous judgment that directed the bank to pay 1,742 former Oceanic Bank staff for unpaid gratuities and staff savings.
The bank applied for a stay of execution but was denied. However, the court granted the ex-employees application for an Order Nisi to attach all monies owed to Ecobank with the Central Bank of Nigeria and other commercial banks, pending the determination of the appeal.
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“The court refuses the application to stay the execution of the judgment and grants the Order Nisi as prayed.
“It is imperative to protect the integrity of this court’s judgment and ensure the judgment sum is secured pending the outcome of the appeal,” Justice Gwandu held.
It would be recalled that following the suit filed by 1,742 ex-Oceanic Bank employees against Ecobank who were denied their legitimate entitlements by the bank, the National Industrial Court, Lagos Division in a judgment had ordered Ecobank Nigeria Limited to pay the sum of N1, 086,611,589.11 to the ex-workers.
Dissatisfied with the Court, Ecobank filed an appeal against the judgment of the court and an application for a stay of the execution of the judgment.
Justice Gwandu in his ruling on the application for stay, and the application for order nisi held: “Order nisi is granted as prayed, stay of execution is denied.”
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In the bench ruling, the court also held, “It, therefore, behoves this court to take steps to protect the integrity of its judgment and see that the Res is protected even when the appeal may or may not be pending.
“I hereby order the judgment debtor to pay the judgment sum into the account of the Chief Registrar of National Industrial Court of Nigeria pending the outcome of the appeal filed 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.
They sued for themselves and as representatives of 1,733 other ex-employees of Oceanic Bank now Ecobank Nigeria Limited.
News
Transfer: Premier League Clubs Scramble For Dele-Bashiru
Lazio midfielder, Fisayo Dele-Bashiru is a subject of interest from three Premier League clubs, according to Sky Sports.
Lazio reportedly rejected offers from Nottingham Forest and Bournemouth for the Nigeria international in January.
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La Biancolesti are bracing for more interest in Dele-Bashiru ahead of the summer transfer window, according to Sky Sports.
The 24-year-old has two years left on his contract with the Serie A club.
The attacking midfielder joined the Rome-based club from Turkish Super Lig outfit Hatayspor in 2024.
He has been a regular feature for Lazio this season.
News
Xenophobic Attacks: Nigerian Students To Picket MTN, MultiChoice, Other Businesses
The leadership of the National Association of Nigerian Students, NANS South-West Zone D, has announced plans to picket South African companies in Nigeria following the ongoing xenophobic attacks in the country.
DAILY POST reports that some Nigerians were recently killed in South Africa over the violent attacks.
A statement issued to newsmen by Comrade Adeyemo Josiah Kayode, Coordinator, NANS South-West, Zone D, said that the association is mobilizing to take decisive and lawful action by organizing peaceful picketing and mass advocacy against South African business interests operating in Nigeria.
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“We categorically state that the continued targeting of Nigerians under any guise is unacceptable and must come to an immediate end.
“This will include major corporations such as MTN Group and MultiChoice Group. It is morally indefensible for businesses to thrive in an environment where the lives of Nigerians are protected, while Nigerians are subjected to fear and violence elsewhere.
“This contradiction will no longer be tolerated,” the statement said.
News
N5m, N10m Zero-interest Loans: SheVentures Opens Applications For Women Entrepreneurs
First City Monument Bank (FCMB) has opened a new round of applications for its SheVentures proposition, offering zero-interest loans of up to ₦10 million to women entrepreneurs to ease access to working capital and support business growth.
The facility provides loans ranging from ₦500,000 to ₦5 million under a general category, and ₦5 million to ₦10 million for sector-specific businesses, with funding capped at up to 50% of an applicant’s average monthly turnover.
At the centre of the offering is a 0% interest rate, with all charges embedded in a transparent structure.
Repayment is structured over four or six months, allowing businesses to match obligations with their cash flow cycles.
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Yemisi Edun, Managing Director and Chief Executive of First City Monument Bank (FCMB), said the initiative reflects a deliberate approach to inclusive growth.
“Inclusive growth requires access to capital and the right conditions for businesses to deploy that capital effectively.
“Women-led enterprises are critical to economic activity, yet they face structural barriers.
This intervention aims to help close that gap by providing financing that supports job creation, business expansion, and long-term sustainability for women entrepreneurs.”
“Access to affordable finance remains a major constraint for women entrepreneurs,” said Nnenna Jacob-Ogogo, Group Head, SheVentures and Impact Segments at First City Monument Bank (FCMB).
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“By removing the cost barrier and offering quick, flexible funding, this zero-interest loan is designed to safeguard existing jobs, enable businesses to invest in growth initiatives, and foster resilience in challenging economic conditions.”
Women-owned businesses account for a significant share of Nigeria’s small and medium-sized enterprises but continue to face high borrowing costs and limited access to credit.
Through these efforts, SheVentures tackles persistent financing gaps facing women-led businesses, combining targeted funding with broader support to empower women entrepreneurs, encourage business innovation, and enhance their ability to compete on a national scale.
Applications for the zero-interest loan are now open.Apply now.
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