Thirty-three former employees of the Central Bank of Nigeria (CBN) have initiated legal action against the bank, seeking N30 billion in damages over their dismissal. The plaintiffs, including Stephen Gana, Kabiru Idris, Benedict Agbo, Peter Adeyemi, John Yisa, and Eleanor Ihua, allege that their terminations, executed under the guise of “Reorganizational and Human Capital Restructuring” on April 5, 2024, were arbitrary, illegal, and unconstitutional.
Represented by Okwudili Abanum in a class action lawsuit, the claimants argue that the CBN violated their constitutional right to a fair hearing and breached internal policies, Nigerian labor laws, and their contractual rights. They contend that the termination process lacked the mandatory consultation and fair hearing required by law, as stipulated in the CBN’s Human Resources Policies and Procedures Manual (HRPPM) and Section 36 of the 1999 Constitution.
The plaintiffs are seeking a court order declaring their dismissal null and void, a restraining order to prevent the CBN from terminating their employment without adhering to proper procedures, immediate reinstatement with payment of salaries and benefits from the date of termination, and N30 billion in general damages for psychological distress, hardship, and reputational harm caused by the dismissal.
During the first mention of the case on November 20, 2024, the presiding judge, Justice O. A. Osaghae, encouraged both parties to pursue an amicable resolution. The CBN, represented by a legal team led by Inam Wilson (SAN), has filed a preliminary objection to the claimants’ suit. The case is scheduled for a hearing on the preliminary objection on January 29, 2025.
In 2024, the CBN terminated the appointments of approximately 1,000 staff members in four batches between March and May. Some affected employees reported receiving severance payments as low as N5,000, while others claimed their gratuities were absorbed entirely to offset outstanding loans. The CBN has stated that its early exit package was entirely voluntary and without negative repercussions for eligible staff.
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