The Central Bank of Nigeria (CBN) is currently embroiled in numerous court cases initiated by former employees who were dismissed as part of the bank’s recent reorganization efforts under President Bola Tinubu’s administration.
To date, over 100 lawsuits have been filed by the affected personnel, contesting their terminations and seeking compensation for their entitlements. The CBN had announced the layoff of more than 200 staff on May 24, 2024, in a letter titled “Re-Organisation.”
Mr. Ola Olanipekun, SAN, who represents some of the dismissed employees, filed these cases with the National Industrial Court in Abuja. He argued that the terminations were unjust and that his clients’ rights to a fair hearing were violated.
Olanipekun highlighted that the CBN’s actions have resulted in significant financial damages, amounting to hundreds of millions of naira. He is seeking a court order for the bank to pay all outstanding salaries, allowances, and other entitlements to the affected staff.
Additionally, the claimants are demanding N30 million for litigation costs and prosecution, along with a 21% post-judgment interest per annum on any awarded sums until fully paid.
The legal documents, filed on August 22, 2024, include a 27-paragraph affidavit affirming the claims of the affected staff.
