Court Voids Odu’a Ex-GM Retirement, Awards N83m


The National Industrial Court in Ibadan, Oyo State has ordered Odu’a Investment Company to pay its former General Manager Finance and Investment, Mrs Yinka Tunji-Ojo, a total sum of 83,032,827.16, being her remuneration for 40 months.

The court, in a judgment on November 20 by Justice J.D. Peters, said the money must be paid to Tunji-Ojo within 30 days of the judgment, adding that it will attract 15 per cent interest per annum until final liquidation.

Tunji-Ojo had sued Odu’a Investment Company Limited to challenge her premature retirement.

Ruling in Tunji-Ojo’s favour, the judge held: “I declare that the claimant by the Odu’a Investment Company Limited Employee Handbook, 2012 has not attained the mandatory retirement age of 60 years as at the time she was retired. I declare that Exhibit C8 was written mala fide, unlawful and a contravention of Exhibit C6.”

Though the judge declined Tunji-Ojo’s prayer to be reinstated, he ordered the firm to pay her 40-month salary.

Justice Peters ruled: “The defendant is hereby ordered to pay the claimant the sum of N83, 032, 827.16 only, being her remuneration for 40 months.

“The defendant is ordered and directed to pay the entire judgment sum with 15 per cent interest per annum from today until the liquidation of the whole judgment sum.

“The claimant/defendant to counter-claim is ordered and directed to pay to the defendant/counter-claimant the sum of N649,218.75 being the 75 per cent of carrying cost as per company’s policy on the status car assigned to her while in the employment of the defendant.

“ All the sums due under this counter-claim shall be paid with interest at the rate of 10 per cent per annum from today till the judgment debt is fully liquidated.”


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