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 warned the public against investing in unregistered investment schemes, including Silverkuun Investment Cooperative Society/Silverkuun Limited.
In a circular issued in Abuja, yesterday, the commission said its attention had been drawn to the activities of these entities, which falsely present themselves as investment advisers and fund managers in the Nigerian capital market.
“The attention of the Securities and Exchange Commission has been drawn to the activities of Silverkuun Investment Cooperative Society/Silverkuun Limited which holds itself out as an Investment Adviser/Fund Manager.
“The Commission hereby informs the public that Silverkuun Investment Cooperative Society/Silverkuun Limited is not registered to operate in any capacity in the Nigerian Capital Market.”
SEC advised the public to refrain from engaging with Silverkuun Investment Cooperative Society/Silverkuun Limited or its representatives in respect of any business in the Nigerian capital market.
“The Commission uses this medium to reiterate that transacting in the Nigerian Capital Market with unregistered and unregulated entities exposes investors to financial risk including fraud and potential loss of investment.
“The investing public is therefore reminded to verify the status of companies and entities offering investment opportunities on the Commission’s portal before transacting with them,” the SEC added.
Dr. Emomotimi Agama, director-general of the SEC, recently warned that the Commission would not hesitate to shut down the operations of such unregistered entities while also ensuring that the promoters are made to face the full weight of the law.
Agama said, “we will shut down their operations and the promoters will be made to face the full weight of the law.
“In a major reform, ISA 2025 officially brings digital assets under the SEC’s regulatory purview, defining them as securities and mandating registration for all virtual asset service providers (VASPs) and digital asset exchanges. This development aims to close the regulatory vacuum that has allowed many Ponzi-style platforms to thrive under the guise of cryptocurrency and digital finance.”
Agama also emphasized the Commission’s education-focused strategy to combat fraud through podcasts, digital campaigns, and the introduction of capital market literacy in schools and universities, the SEC aims to equip Nigerians with the knowledge to detect and avoid dubious investments.
Africa’s cross-border payments market is on track to hit $1 trillion by 2035, according to a new report by venture capital firm Oui Capital. Titled “Africa’s Cross-Border Payment Landscape—a deep dive into the systems, players, and shifts shaping Africa’s cross-border payment flows,” the report states that the market is currently valued at $329 billion and growing at a compound annual growth rate of 12%.
It identifies Africa’s booming digital adoption, increasing intra-African trade, and a surge in mobile money usage as the key growth drivers.
Despite the impressive growth, the report highlights systemic inefficiencies.
“Legacy rails, double currency conversions, and fragmented regulations still siphon billions in hidden costs,” Oui Capital states, noting that the continent continues to have the highest global remittance costs, averaging 7–8%.
However, digital innovation is helping reshape the landscape. Mobile money is now a key channel, with 30% of Sub-Saharan remittances flowing through mobile wallets.
In 2022, Africa accounted for 66% of global mobile money transaction value, demonstrating the rapid formalisation of what was once a predominantly informal cash ecosystem.
Oui Capital sees significant investment potential in addressing these inefficiencies. “Infrastructure plays—interoperable API layers, decentralised FX liquidity pools, and PAPSS integrations—represent $10 billion-plus opportunities,” the report says.
The Pan-African Payment and Settlement System is one such initiative pushing for local currency settlements and reduced reliance on USD/EUR clearing, which presently adds around $5 billion in annual costs.
According to the report, cryptocurrencies and Stablecoins are emerging as promising alternatives, cutting remittance costs by up to 60% in markets with clear regulations.
“Fintech APIs are already pushing fees as low as 1.5–3%,” the report notes.
Still, the venture capital firm warns that challenges persist as only 55% of African jurisdictions allow full electronic KYC, limiting the scalability of fintech solutions.
The report urges founders to go beyond peer-to-peer transfers by embedding services like lending and insurance.
“Africa’s payments race is now a scale game. Those that solve for liquidity, compliance and cost will define the continent’s digital trade backbone over the next decade,” it concludes.
Chartered Institute of Bankers of Nigeria has expanded its Agency Banking Certification Programme through a tripartite collaboration between the Institute, FIC, and SANEF Limited.
This partnership according Prof. Pius Deji Olanrewaju, President/Chairman of Council the Chartered Institute of Bankers of Nigeria, CIBN, is timely and strategic, “as we aim to broaden the reach of the certification across Nigeria’s agent banking sector. With SANEF’s deep integration in the financial inclusion ecosystem and established relationships with leading super agents, we are confident that this collaboration will strengthen the quality and visibility of the programme.
“The goal is clear, to enhance professionalism among agent bankers, support the national financial inclusion strategy, and contribute to building trust and integrity within this growing segment of the financial services sector. This collaboration presents an excellent opportunity for further implementation of the competency framework for the banking industry in Nigeria”.
He noted that the collaboration among others is part of his LEGACY agenda which highlights the multifaceted role of financial institutions in shaping Nigeria’s economic future.
The letter C in the LEGACY agenda refers to Competence in the banking and Finance industry, which is a very crucial factor in the banking and finance sector. Competent individuals in this industry are equipped with the necessary knowledge and skills to effectively manage financial resources. Individuals with expertise in this field can contribute to the growth and stability of the economy.
Mrs. Uche Uzoebo, Managing Director/Chief Executive Officer, Shared Agency Network Expansion Facilities, SANEF, described the memorandum of Understanding, MoU, as a visionary partnership that seeks to expand Financial Inclusion through Agent banking training, Financial Literacy and knowledge impartation, an objective that forms a key pivot of what SANEF represents.
“Over the years, SANEF, in strong collaboration with our key stakeholders, Banks and Licenced Super-Agents/Mobile Money Operators and other Financial Service Providers, have continued to deepen the frontiers of Financial Inclusion and agent bank. Financial Literacy and training have remained a key part of this objective.
“This MOU ceremony is a fulfillment of a shared vision through the expansion of Agent Banking, Financial Literacy, capacity building, thought leadership, training and competency.
She further explained that the agreement provides a training structure with well-curated and knowledge filled training modules and materials that will deepen the knowledge and capacity in agent banking.
“It will go ahead to deepen and expand the knowledge and capacity of all participants that will take part in this training and we believe that with the quality and cooperation of all parties present, this very important objective of impartation of knowledge and thought leadership, grooming and training minds to be empowered and learned and contributing our quota to nation building and be a better place,” she added.
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