Former director of NIBSS drags employer to court, seeks N1b for breach of contract

Temidayo Adekanye, a former director of Nigeria Interbank Settlement System Plc (NIBSS) who served as Chief Risk and Compliance Officer has dragged his former employers to the National Industrial Court alleging unlawful, wrongful and unjustified termination of his appointment.

Adekanye was engaged between January 2021 and January 2024 by NIBSS but was terminated on January 15, 2024. He is seeking an order of the court for compensation in the sum of N1 billion for wrongful termination of employment and for breach of contract of employment.

The claimant also seeks an order of the court reinstating him to his position and an order directing the defendant to pay him his salaries, allowances and or other perquisites accruable to his office from the date of his purported termination until judgement is delivered on the matter.

Read also: Court to rule on key applications on 27 lawmaker fate January 21, 2025

In his suit which will come up for hearing on Monday November 25, 2024, the claimant avers that he served the defendant diligently and was never involved in any disciplinary misconduct but that in spite of his excellent record, the defendant proceeded to unlawfully terminate his employment on 15th January 2024 without stating any reasons.

In his suit against NIBSS, Adekanye claims that the termination of his employment resulted from him informing the management, being the Chief Risk Officer and Compliance Officer and in furtherance to his contractual engagement, of concerns about serious irregularities including but not limited to financial misappropriation, fundamental misgovernance, lack of transparency and fraud in the organisation.

This, according to him was meant to save the organisation from collapse and economic catastrophe which will invariably have negative effect on the integrity of the financial system in the country.

The claimant avers that the concerns raised by him about fraud allegations, governance and transparent issues related to but not limited to Afrigo fraud, NQR fraud, Hyper Converged Infrastructure (HCI) Implementation, purchase of land at Eko Atlantic in 2023 and lack of due care in critical operational processes with severe industry impact.

Other allegations included deliberate denial and lack of access to date, first line control failures, inadequate processes and system documentation to carry out further reviews of operational losses among many others are well and sufficiently covered in the Human Capital Policy as obligations owed to NIBSS by every officers of the defendant such as Code of Conduct and Work Ethics and Whistleblowing Obligations.

Adekanye in his suit also claimed that the concerns he raised were also in furtherance of his duties and responsibilities to ensure transparency, probity and accountability in the organisation.

He said in papers before the court that the action summarily terminating his employment was for raising legitimate concerns about the operations of the organisation because it was sudden, maliciously deliberate and in complete disregard to due process as explicitly provided in the Human Capital Policy.

The claimant, through his solicitors, W. K Shittu and Co stated that rather than NIBSS to act swiftly on the concerns raised by him, the defendant changed the corporate structure and the organogram to eliminate his office and position in a calculated attempt to oust his jurisdiction and stultify his duties as Chief Risk and Compliance officer.

The claimant is also seeking the court order that he is entitled to all the promotions which he would have had but for the purported termination.

The claimant is also seeking the Court order of payment of N250 million as special and general damages. He is also seeking an order of payment of N150 million as exemplary damages for the infringement of his fundamental rights and an order of payment N10 million being the cost of the suit.

In its response, NIBSS justified the termination of Adekanye’s appointment as it also denied all the allegations of corruption and fraud in the system.

Read also: Bill seeking to increase FCT high court judges to 100 passes Reps’ second reading

NIBSS, through its solicitors, Pinheiro LP averred that the termination of the claimant’s employment was lawful and in line with the terms of his employment letter dated 7th December 2020 and the Human Capital Policy of the Defendant dated 25th December 2020.

“The claimant’s termination by the defendant was not based on the allegations he raised and cannot be said to be retaliatory or vengeful, rather the termination was made pursuant to defendant’s right to terminate the claimant’s employment in accordance to the claimant’s employment letter dated 7th of December, 2020”.

NIBSS described the fraudulent allegations by the claimant as unfounded and unmeritorious.