The National Industrial Court of Nigeria, Abuja on Thursday ordered the Central Bank of Nigeria (CBN) to pay a fine of ₦620,000 for delaying proceedings in lawsuits brought by 62 former employees contesting their termination.
Justice Osatohanmwen Osaghae issued the ruling after the former employees’ attorney, Ola Olanipekun (SAN), expressed concerns that the bank’s late submission of a new application had caused an unnecessary postponement of a hearing that was scheduled to take place.
The 62 former employees, who have filed separate lawsuits currently pending in court, are asking the court to invalidate their termination letters dated May 23, 2024, which were issued under the label “Re-Organisation.”
They argue that this action breached the CBN Act of 2007 and the bank’s internal human resource policies, making their dismissals unlawful and void.
The claimants are seeking reinstatement to their previous or equivalent positions, payment of all outstanding salaries and benefits, and a court order to annul the terminations entirely.
Read also:
- Court orders CBN to deduct Ebonyi’s monthly allocation over N30B debt
- Alleged Diversion of funds: CBN asks court to freeze Meter Providers’ accounts
- CBN cautions Nigerians against illegal financial operators
Their attorney has also requested that the various lawsuits be consolidated.
The cases have faced procedural challenges in the past.
In 2024, the President of the NICN, Justice Benedict Kanyip, withdrew from the case after realizing that a lawyer from the CBN’s legal team is his relative.
The dismissed employees, many of whom were instrumental in establishing the now-defunct economic intelligence unit of the CBN, claim they were unfairly targeted despite the unit’s notable accomplishments.
They reference investigations into the P&ID $11 billion arbitration, the recovery of ₦3.18 billion hidden by a bank agent, and inquiries into gaming companies involved in large-scale unauthorized foreign exchange repatriation.
They assert that their dismissals were punitive, arbitrary, and intended to dismantle a unit recognized for its vital financial intelligence successes.
During Thursday’s proceedings, Olanipekun informed the court that all parties were prepared to move forward with the main originating summons and the CBN’s outstanding preliminary objection when the bank unexpectedly filed a new motion, submitted on November 26 and served that same morning, requesting to change the case from an originating summons to a writ of summons, claiming that there were disputed facts.
“It is important to note that we received this application this morning,” he stated.
He contended that, contrary to the CBN’s claims in its motion, the facts of this case are entirely suitable for being heard through an originating summons.
He urged the court to dismiss the CBN’s application so that the case could proceed as planned.
Olanipekun, representing 62 claimants, characterized the application as a deliberate attempt to delay the proceedings and requested a cost of ₦10,000 per claimant, totaling ₦620,000.
“We request a conservative cost of ₦10,000 per claimant,” he said.
