E-Financial
Adekanye, Former CRO @ NIBSS Takes Legal Action for Wrongful Termination
Temidayo Adekanye, a former chief risk officer of the Nigeria Inter-Bank Settlement System (NIBSS), has filed a lawsuit against the organization for alleged unlawful termination of his employment.
Temidayo Adekanye,
Adekanye is seeking an order of court directing NIBSS to pay him the sum of N1 billion “for wrongful termination of employment and for breach of contract of employment”.
He was employed by NIBSS via a letter of employment dated December 7, 2020, as the chief risk and compliance officer and his employment took effect from January 15, 2021.
In his statement of fact attached to the suit, the claimant said throughout the period of his employment, he served the NIBSS “diligently and was never involved in any disciplinary misconduct of any kind”.
However, he said despite his “excellent record”, the defendant unlawfully terminated his employment via a letter dated January 15, 2024 “without stating any reason whatsoever or howsoever”.
The claimant said the termination was due to his alertness of informing the management “about serious financial misappropriation including but not limited to fundamental governance, transparency and fraud-related issues in the organization”.
He said in the absence of feasible action after raising initial concerns, he subsequently escalated his complaints to the board audit and risk committee on November 13, 2023, but that instead of an investigation, his appointment was unjustly terminated.
“Rather than act swiftly on the concerns raised by him, the defendant changed its corporate structure and organogram to eliminate the claimant’s office in a calculated attempt to oust his jurisdiction and stultify his duties as the Chief Risk and Compliance Officer,” the court papers read.
“The claimant was sidelined and his responsibilities and departments were taken away from him. The Executive Management Committee (Exco) was reconstituted with the claimant completely obliterated from meetings and his 2024 upfront payment unjustifiably withheld. Thereafter, the letter terminating his employment on the 15th of January 2024.”
Adekanye stated that he was invited for a meeting at 10 am on January 15 alongside the head of human resources, HOD legal/company secretary and chief financial officer.
He said while the meeting was ongoing, “three armed men in military attire claiming to be officers of the Department of State Service (DSS) busted into the conference room, showed their ID cards”, and ordered him to hand over all his mobile devices and laptops.
He said he was offered to resign with the payment of the sum of N160 Million as pay-off package or risk the immediate termination of his appointment.
“His request to enable him time to weigh and consider the offer was refused and on the spot he was given the letter dated 15th January 2024 terminating his employment ignobly,” the court papers read.
Following the averments made, Adekanye wants the court to declare the termination of his appointment as “unlawful, wrongful and unjustified”.
“An order of court reinstating the claimant to his position as though he had never been terminated,” Adekanye sought.
“An order of court directing the defendant pay to the claimant all his salaries, allowances and or other perquisites accruable to his office from the date of the purported termination until judgment is delivered.
“An order of court that the claimant is entitled to all the promotions which he would have had but for the purported termination.”
Aside the N1 billion the claimant is seeking, he wants the court to further order the defendant to pay N250 million as special and general damages as well as another N150 million as exemplary damages for the infringement of his fundamental rights.
Also, he wants the defendant to pay N10 million as the cost of litigation.
Alternatively, Adekanye is praying the court to issue an order directing the defendant to pay him the full amount of salaries, allowances and other emoluments which he would have earned of the unexpired remaining years on the attainment of 60 years.
He also wants “an order of court that the defendant shall pay to the claimant such sum accruable as entitlements inclusive of all emoluments and 2% of the defendant’s Profit Before Tax declared for the year 2023 and other entitlements applicable to the claimant in the circumstances”.
Adekanye filed the suit marked NICN/LA/56/2024 on March 21 before the national industrial court in Lagos through his counsel, Wahab Shittu, a senior advocate of Nigeria.
Securities and Exchange Commission (SEC) has ramped up its fight against Ponzi schemes in Nigeria, vowing to take decisive action against illegal fund operators while educating the public to prevent further victimisation.
At an awareness campaign held in Abuja, the SEC emphasized its commitment to saturating public spaces with information about illegal investment schemes before enforcing the law on perpetrators.
Speaking at the event, Ms Frana Chukwuogor, executive commissioner Legal and Enforcement, Securities and Exchange Commission, warned of the dangers of patronising illegal fund operators known as Ponzi schemes.
She said that the Commission deemed it crucial to sensitize traders, empowering them to make informed decisions when approached with investment requests.
She explained that the campaign is a proactive step to combat the surge in fraudulent investment schemes in Nigeria, aligning with the Commission’s broader strategy to educate the public about Ponzi scheme risks and unregistered investment platforms before enforcing regulatory action.
“Our approach is simple but firm. We are not just a regulator that barks and does not bite. We believe in engaging, enlightening, and empowering the Nigerian people before enforcing the law. We will sensitize before barking and biting,” she stated.
She explained that too many Nigerians, especially those at the grassroots, fall victim to Ponzi schemes due to lack of information or false promises of quick, unrealistic returns, emphasizing that many of these schemes are not registered or regulated by the SEC, making them dangerous and illegal.
“We have seen people lose their life savings, their businesses, and their peace of mind.
That is why we are taking this message to the markets, motor parks, online platforms, anywhere Nigerians are making financial decisions. Prevention through education is our first line of defense,” she added.
Mr Abdusalam Khalid, head of Enforcement Department, Securities and Exchange Commission, warned that while education is the first step, it will not hesitate to prosecute illegal operators who refuse to cease their fraudulent activities
He urged the public to verify all investment opportunities through official channels and report suspicious activities through the SEC helpline.
Some bank users in Abuja have declared they will opt for electronic mail alerts from their banks to cut costs and reduce charges on their accounts.
Some of them who spoke to the News Agency of Nigeria (NAN) on Sunday said they would deactivate the Short Message Services transaction alert linked to their accounts.
Mrs Dorathy Azinge, a customer of GTCO, described the increase in SMS charges as exploitative.
Azinge said that in spite of various transaction charges debited from her bank account on a daily basis, the bank still increased SMS charges.
”This move of increasing SMS charges is very exploitative even though they cited telecommunication charge.
”What about all the numerous unwarranted debits that I get from my account, and they are using telecommunication increase as yardstick to increase theirs.
”GT will remove different charges from my account until they give me minus balance,” she said.
Another customer, Ms Elizabeth Abu, said she would visit her bank to opt for her transaction alerts to be sent to only her e-mail address.
Abu who complained about the reduction in her capitalised interest on her account, said the numerous debits were becoming frustrating.
” It does not make sense for the bank to charge me for a transaction I did and also charge me for the alert they sent.
” It means that customers are the ones paying heavily for all these services.
” These charges are reflecting on the profits declared by these banks, and we are the ones paying for this,” she said.
Mr Clement Arubu, a customer with First HoldCo Plc, said he received various transaction debit alerts from his bank totalling N1, 050 monthly.
Arubu said the debits were huge, especially when calculated between 10,000 customers of the bank.
” Most customers receive these alerts and neglect them because to them, the money is small but when you debit the same money from about 10,000 customers then, you can be sure that the money is huge,” he said.
Mrs Catherine Itoha,, said a bank had yet to reverse over N20,000 debited from her account through various failed Point of Sale transaction since about 11 months.
Itoha urged some banks and their staff to adopt principles of fair practice in handling their customers.
” Customers are the reason why banks are in existence so, we deserve to be treated fairly.
”GTB debited me in about four different transactions that I did but up till now, they did not reverse any of these monies.
”I visited the bank, filled forms, spoke to their staff personally but still the issue was not resolved since last year.
”If this money did not go to a staff, it means it is part of their profit,” she alleged.
Mrs Esther Arthur, a Fidelity Bank customer alleged that some of the banks were making profits from charges on customers for their transactions.
Arthur described the situation as sad and frustrating, recounting,”I withdrew N10,000 from a First Bank Automated Teller Machine and the machine showed me that I will be charged N100 because it wasn’t my bank.
”When I finished the transaction, to my greatest surprise an alert came into my phone and when I checked it, it was an alert of N630.00 against the N100 on-site ATM charges that the Central Bank of Nigeria instituted.
”This is so sad,” she said.
Mr Augustine Ode, a Zenith Bank customer, appealed to the CBN to check excesses of some banks that were allegedly defrauding customers.
The News Agency of Nigeria (NAN) reports that GTCO had informed its customers of the SMS transaction alert fee increase from N4 to N6 per message.
The bank had said that the adjustment was due to a recent increase in telecom rates.
Credit: NAN
Fidelity Bank Plc, one of Nigeria’s leading Tier-1 financial institutions, has announced a remarkable financial performance for the first quarter of 2025, recording a Profit Before Tax (PBT) of N105.8 billion, representing an impressive growth of 167.8% compared to N39.5 billion in Q1 2024.
Mrs. Nneka Onyeali-Ikpe, MD/CEO, Fidelity Bank Plc
The bank’s unaudited financial statements, released on the Nigerian Exchange (NGX) on April 30, 2025, highlight a substantial increase in Gross Earnings, which rose to N315.4 billion, marking a year-on-year growth of 64.2% from N192.1 billion in the same period last year.
Growth in interest income was primarily led by 38.6% yoy (7.4% ytd) expansion in earning assets base, while the increase in non -interest revenue came from FX-related income, trade and commission on banking services, etc., supported by increased customer transactions.
Commenting on the bank’s performance, Dr. Nneka Onyeali-Ikpe,OON, Managing Director/Chief Executive Officer of Fidelity Bank Plc, stated, “We started the year with triple-digit growth in profit and sustained the momentum in our earning assets growth.
This performance shows the resilience of our business model and reinforces our confidence in delivering a better result in the 2025 financial year.”
Other areas of the unaudited financial statements, equally show a marked improvement with Total Deposits growing by 11.1% ytd to N6.6tn from N5.9tn in December 2024, driven by 10.6% ytd growth in low-cost deposits to N6.1tn, which represents 92.2% of total customer deposits. Local currency deposits increased by 2.0% ytd while foreign currency deposits increased by 21.4% from $1.9bn in December 2024 to $2.3bn.
Net Loans and Advances increased by 5.0% ytd to N4.6tn. The growth in the bank’s Loan Book was skewed to LCY Loans as cost of risk declined to 0.6% from 1.5% in 2024FY.
“Beginning the year with such positive momentum reinforces our commitment to supporting the growth of individuals and businesses, while enhancing our financial sustainability. As we go into the rest of the year, we remain focused on building a resilient banking franchise with a diversified earnings base,” Onyeali-Ikpe added.
Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 9.1 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.
The Bank is the recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine.
Additionally, the Bank was recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.
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