Hon. Justice Emmanuel Subilim of the Abuja judicial division of the National Industrial Court has ordered Aztec Microfinance Bank Limited to withdraw criminal allegations on former staff, Mr. Kolawole bordering on unlawful seizure before the Nigerian Police Force and directed the Directors of the bank to jettison all defamatory claims against Kolawole.
The Court also ordered Aztec Microfinance Bank to pay Mr. Kolawole the sum of N4,000,000 (four million naira) severance package.
Justice Subilim entered the judgment in accordance with the terms of the settlement consented by both parties in substantial compliance with the rules of the court.
From facts, the claimant- Mr. Kolawole had sought amongst others a declaration for an order of the Court directing Aztec Microfinance Bank to pay him all the outstanding monies owed, including the outstanding housing allowance, unpaid salary, outstanding annual, terminal leave, fuel and car depreciating allowances totalling N45,233,000 only amongst others.
However, on the 18th Day of April 2024, both Counsels to parties appeared in court and duly informed the court that they had reached an amicable settlement and filed Terms of Settlement in court to be adopted as consent Judgment of the Honourable Court.
Delivering the judgment, Justice Emmanuel Subilim ruled on the terms of settlement as agreed by both parties and awarded no cost of action in the spirit of an amicable settlement.
By virtue of the terms of the settlement, it was stated that the sum of N4,000,000 (Four Million Naira) being Mr. Kolawole’s severance package, be paid to him and Aztec Microfinance Bank Limited shall write off the principal sum and interest on the loan advanced to the Claimant amounting to the sum of N6, 445,492.02.
Furthermore, it was also agreed that Mr. Kolawole shall immediately return the official vehicle in his custody to the acting Managing Director or the Company’s Secretary. Mr. Kolawole shall retract and recant the defamatory memorandum sent to the Board of the Bank dated 27th February 2024, and undertake not to tarnish the image of the bank, its Directors, Shareholders and staff.
