Court to begin hearing on wrongful termination suit against NIBSS in November

The hearing on the wrongful termination suit brought against the Nigeria Inter-Bank Settlement System (NIBSS), by its former Chief Risk Officer, Temidayo Adekanye, will begin on November 25 at the National Industrial Court in Lagos.

In March 2024, Adekanye sued NIBSS for wrongful termination after he shared internal concerns about “serious financial misappropriation, corporate governance, and fraud” at the agency. He alleged fraudulent activity connected to Afrigo, a domestic card scheme launched in 2023, and NQR, a platform for QR-code payments. He also raised similar concerns about a cloud migration project.

“This matter is pre-listed before me today and adjourned to November 25, 2024, for a definite hearing. The defendant is at liberty to file his reply to the claimant’s statement of claim,” the presiding judge, Hon. Justice Ubaka, said on Monday.

While the court will determine the validity of the claims, these allegations have raised serious questions about the integrity of Nigeria’s financial system. 

The ex-NIBSS executive is asking the court to award damages of one billion naira for wrongful termination and breach of contract. He also asked for ₦250 million in special and general damages, ₦150 million in compensation for infringement of his fundamental rights, and  ₦10 million as the cost of legal proceedings.

Another option will be for the NIBSS to “pay him the full amount of salaries, allowances, and other emoluments that he would have earned on the unexpired remaining years upon attainment of 60 years.” He also prayed the court to mandate NIBSS pay him 2% of its  profit before tax declared for 2023 and “other entitlements applicable to the claimant in the circumstances.” 

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