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STERLING BANK PLC v. SOLA FALOLA

(2014) JELR 33021 (CA)

Court of Appeal  •  CA/L/616/05  •  20 Mar 2014  •  Nigeria

Coram
AMINA ADAMU AUGIE JCA; SAMUEL CHUKWUDUMEBI OSEJI JCA; TIJJANI ABUBAKAR JCA;

Judgement

AMINA ADAMU AUGIE, J.C.A. (Delivering the Leading Judgment): This appeal is about benefits owed to the Respondent by the Appellant Bank. He was employed by the Bank as an Assistant General Manager in July 1996, when it was Devcom Merchant Bank Ltd. It became Devcom Bank Limited when it commenced business as a commercial bank, and was later acquired by Equatorial Trust Bank Plc. [ETB] during the re-capitalization of banks exercise. By a subsequent arrangement, the said ETB was acquired by Sterling Bank Plc. His appointment was confirmed on 1/10/1996 and he became Deputy General Manager on 21/10/1996. He was elevated to General Manager with effect from 1/4/1999, and in the letter of promotion dated 31/31/1999, it was stated -

"On behalf of the Board of Directors, I am pleased to inform you that the Board is considering allocating to you 2% shares of the Bank, subject to approval from the Central Bank of Nigeria, and on terms and conditions to be agreed with the Bank. I am also glad to i…

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