NIBSS faces billion-naira lawsuit: ex-Chief Danger Officer alleges wrongful termination, fraud

NIBSS faces billion-naira lawsuit: ex-Chief Danger Officer alleges wrongful termination, fraud

A former chief danger officer of the Nigeria Inter-Financial institution Settlement System (NIBSS), Temidayo Adekanye, has sued the switching firm for unlawfully terminating his appointment months after he raised issues about monetary impropriety.  The previous NIBSS govt is asking the Nationwide Industrial Court docket to award damages of 1 billion naira for wrongful termination and breach of contract, courtroom paperwork seen by TechCabal present.

He’s additionally asking for ₦250 million in particular and basic damages, ₦150 million in compensation for infringement of his basic rights, and  ₦10 million as the price of authorized proceedings.

Alternatively, Adekanye, 52, requested the courtroom to compel NIBSS to “pay him the complete quantity of salaries, allowances, and different emoluments that he would have earned on the unexpired remaining years upon attainment of 60 years.” He additionally prayed the courtroom to mandate NIBSS to pay him 2% of its  revenue earlier than tax declared for 2023 and “different entitlements relevant to the claimant within the circumstances.” 

On the coronary heart of his lawsuit is the declare that he was wrongfully fired after sharing issues internally about “severe monetary misappropriation, company governance, and fraud” at NIBSS, the industry-owned operator of the Nigeria Central Switch

The allegations of monetary impropriety and fraud at NIBSS will increase severe issues in regards to the integrity of Nigeria’s monetary system. 

“We respect the judicial course of and consider it’s important to permit the authorized course of to take its course with out interference or hypothesis,” a spokesperson for NIBSS mentioned through e-mail.

“The referenced case within the Nationwide Industrial Court docket isn’t based on any crime however what the Claimant perceives as an illegal termination.”

Per courtroom filings, Adekanye alleged fraudulent exercise related to Afrigo, a home card scheme launched in 2023, and NQR, a platform for QR-code funds. He additionally raised comparable issues a couple of cloud migration venture. 

The previous chief danger officer instructed the courtroom that he requested data on the corporate’s monetary data and third-party contracts from the Chief Monetary Officer (CFO), Firm Secretary/Head of Authorized, and Managing Director, however was denied entry. He took his complaints to the board audit and danger committee on November 13, 2023. 

Shortly after, Adekanye was requested to resign and was supplied ₦160 million in severance or danger rapid termination of his employment in a gathering with the corporate’s Head HR, HOD Authorized/Firm Secretary, Govt Director, Enterprise Growth, and CFO on January 15, 2024. His request to overview the supply was refused, and finally, he was fired. The place of Chief Danger Officer was additionally eradicated inside the company governance construction of NIBSS. 

“Moderately than act swiftly on the issues raised by him, the defendant [NIBSS] modified its company construction and organogram to get rid of the claimant’s [Adekanye] workplace in a calculated try to oust his jurisdiction and stultify his duties because the Chief Danger and Compliance Officer,” the courtroom papers learn.

The Nationwide Industrial Court docket has fastened Could 20 for the primary listening to. 

*Editor’s observe: This text has been up to date to point out that the courtroom has set a date for listening to.

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