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Enterprise Bank’s Contract Employees Seek Payment of N2.753bn Terminal Benefits

First Bank Nigeria


Contract staff of Enterprise Bank Limited that were employed by First Spring Franchise Services Limited, a subsidiary of the bank, have notified potential investors in the financial institution of a pending suit in which they are demanding the payment of terminal benefits of N2,752,670,671.57.

The workers in a public notice signed by their legal representative, Bamidele Aturu and Co Legal Practitioners and Consultants, titled: “Liability of Enterprise Bank Limited to its Contract Staff and their Pending Court Case,” warned interested members of the public and buyers that they would pursue the case with seriousness and all due diligence.

Enterprise Bank is wholly owned by the Asset Management Corporation of Nigeria (AMCON) and the corporation is currently seeking to divest its 100 per cent ownership of the financial institution.

Continuing, the solicitor to the bank workers in the public notice stated: “We wish to use this medium to notify the general public that there is a pending suit against the bank and the above named subsidiary at the National Industrial Court with suit No. NICN/LA/527/2013 filed by our clients against Enterprise Bank Limited and First Spring Franchise Services Limited.

“Our clients are contending in that case that the bank failed to comply with relevant labour laws and failed to pay them their due terminal benefits. The claim of our clients in the suit for the unpaid terminal benefits amounts to the sum of N2,752,670,671.57.

The notice further stated: “Interested members of the public/buyers are hereby informed and forewarned of this suit as our clients will pursue the case with seriousness and all due diligence to ensure a quick and final determination of the case. To be forewarned is to be forearmed.”

However, when contacted on the development by SG, the Managing Director/Chief Executive Officer, AMCON, Mr. Mustapha Chikeobi described the case as a “frivolous suit by some greedy people who are trying to make some money. AMCON’s mandate was to save the financial system and depositors and AMCON has done that successfully.”

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