Temidayo Adekanye, a former Chief Risk Officer at the Nigeria Inter-Bank Settlement System (NIBSS), has filed a lawsuit against the organization, seeking a staggering N1.4 billion for alleged wrongful termination of his employment.
Adekanye accuses the NIBSS of victimizing him, claiming that the management was misled in taking the decision to terminate his contract.
The legal action, filed on March 21, 2024, by Adekanye's lawyer, Mr. Wahab Shittu, SAN, asks the National Industrial Court in Lagos to nullify his dismissal from office.
Furthermore, Adekanye is seeking reinstatement to his former position, as well as a significant compensation of N1 billion for wrongful termination and breach of contract.
Adekanye joined the NIBSS as the Chief Risk and Compliance Officer on January 15, 2021, and claims to have served the organization diligently.
He alleges that his termination was a result of his attempt to report "serious financial misappropriation including but not limited to fundamental governance, transparency and fraud-related issues in the organisation."
After raising concerns about the aforementioned issues, Adekanye faced punitive actions from the Managing Director.
He was excluded from meetings and denied his 2024 upfront payment. The final blow came on January 15, 2024, when his employment was terminated.
During a meeting on the same day, three armed men in military attire claiming to be officers of the Department of State Services (DSS) interrupted the proceedings.
They demanded that Adekanye hand over all his mobile devices and laptops. Subsequently, he was offered a payoff package of N160 million to resign from the company or face immediate termination.
Adekanye refused the offer and was then served a termination letter, which he considers "unlawful, wrongful and unjustified."
In addition to seeking reinstatement and compensation, Adekanye is also requesting the court to order the NIBSS to pay him all salaries, allowances, and perquisites from the date of his termination until the judgment is delivered.
He also wants the defendant to pay N250 million as special and general damages, N150 million as exemplary damages for the infringement of his fundamental rights, and N10 million as the cost of litigation.
Alternatively, Adekanye is asking the court to direct the defendant to pay him the full amount of salaries, allowances, and other emoluments he would have earned until the age of 60.
Furthermore, he seeks an order for the defendant to pay him "such sum accruable as entitlements inclusive of all emoluments and 2 percent of the defendant’s Profit Before Tax declared for the year 2023 and other entitlements applicable to the claimant in the circumstances."
As the legal battle unfolds, the outcome of this case could have significant implications for both Adekanye and the NIBSS.
It remains to be seen how the National Industrial Court will rule on this matter, which has attracted considerable attention in the Nigerian financial services industry.
