Over 100 sacked staffs drag CBN to court, seek damages payment

The Central Bank of Nigeria (CBN) is facing legal action from over 100 former employees who were dismissed under the bank’s recent reorganization strategy.

The affected staff have filed multiple suits at the National Industrial Court (NIC), seeking compensation for damages and outstanding entitlements.

Lead Counsel Mr. Ola Olanipekun (SAN) revealed on Thursday in Jos that the court documents detail claims from the former staff, who argue that their abrupt termination was unjust. The lawsuits challenge the legality of the dismissals and demand compensation for lost salaries, allowances, and other benefits.

Olanipekun stated that the wrongful terminations have resulted in substantial financial losses for his clients, totaling hundreds of millions of Naira. He is seeking an order for the CBN to pay all salaries and allowances that the claimants would have earned until their expected retirement. For instance, one claimant who had nine years left of service claims he would have earned N1,621,455.70 monthly, amounting to N178,360,127.00 in total until retirement.

Additionally, the plaintiffs are demanding N100,000,000 in general damages and N30,000,000 for litigation costs. They are also requesting 21% annual post-judgment interest on all awarded sums from the date of judgment until fully paid.

The Originating Summons, filed on August 22, 2024, is supported by a 27-paragraph affidavit from the claimant. The CBN had previously terminated about 200 staff members in May 2024 under a reorganization plan, prompting the legal action from those affected.