Sacked CBN Workers Drag Apex Bank To Court Over Entitlements, Damages

Over 100 former employees of the Central Bank of Nigeria (CBN) have filed lawsuits against the apex bank at the National Industrial Court (NIC), seeking compensation and general damages following their recent dismissal.

According to reports, the staff were laid off as part of a reorganisation strategy implemented by President Bola Tinubu administration.

The plaintiffs argued that their termination, which came with years still left on their contracts, was abrupt and unjust. They are now demanding payment for their outstanding salaries, allowances, and other entitlements.

Lead Counsel for some of the affected staff, Mr. Ola Olanipekun (SAN), presented the court documents to journalists in Jos, Plateau State.

Olanipekun stated that the legal action was taken to enforce the plaintiffs’ rights to fair hearing. “The unlawful actions of the apex bank have caused monumental damages to my clients, amounting to hundreds of millions of Naira,” he said. “We are asking the court to ensure that the CBN pays all claimants their due monthly salaries, allowances, and other entitlements.”

Olanipekun highlighted the case of one claimant, who had nine years of service remaining. This individual would have earned N1,621,455.70 monthly, had the employment not terminated. The counsel is requesting that the court orders the CBN to pay N178,360,127.00—covering the period from the termination until the claimant’s expected retirement date on August 4, 2033.

Additionally, the claimant seeks N100,000,000 as general damages for wrongful termination, along with N30,000,000 to cover litigation costs. They also request a 21% post-judgment interest per annum on all awarded sums until fully paid, plus any further orders the court deems appropriate.

The Originating Summons, dated August 22, 2024, is supported by a 27-paragraph affidavit submitted by the claimant.

Recall that LEADERSHIP reported the mass layoffs in May 2024, citing the documentation in a letter titled “Re-organisation of the CBN”.