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.