A former Chief Risk Officer of the Nigeria Inter-Bank Settlement System, Temidayo Adekanye, has taken legal action against the switching company for what he alleges to be wrongful termination of his employment.
Adekanye claims that his dismissal came months after he raised concerns about financial impropriety within the organization. Court documents reveal that Adekanye is seeking damages totaling one billion naira for wrongful termination and breach of contract.
According to the documents, Adekanye is also demanding ₦250 million in special and general damages, ₦150 million in compensation for infringement of his fundamental rights, and ₦10 million to cover the cost of legal proceedings.
Alternatively, he is requesting the court to compel NIBSS to pay him the full amount of salaries, allowances, and other emoluments that he would have earned until the age of 60, along with 2% of the company’s profit before tax declared for 2023 and other entitlements applicable to his position.
The crux of Adekanye’s lawsuit revolves around his claim that he was dismissed after internally raising concerns about “serious financial misappropriation, corporate governance, and fraud” at NIBSS, which operates the Nigeria Central Switch. These allegations, if proven, could raise serious concerns about the integrity of Nigeria’s financial system.
In response, a spokesperson for NIBSS stated that they respect the judicial process and believe in allowing it to take its course without interference or speculation. The spokesperson emphasized that the case is not based on any criminal allegations but rather on Adekanye’s perception of wrongful termination.
According to court filings, Adekanye raised concerns about alleged fraudulent activity related to the Afrigo card scheme, the NQR platform for QR-code payments, and a cloud migration project.
He reportedly sought information on the company’s financial records and third-party contracts but was denied access. Subsequently, he brought his concerns to the board audit and risk committee on November 13, 2023.
Following this, Adekanye claims he was pressured to resign and offered a severance package of ₦160 million or faced immediate termination of his employment. Despite requesting to review the offer, he was ultimately dismissed.
Additionally, the position of Chief Risk Officer was eliminated within NIBSS’s corporate governance structure, which Adekanye alleges was a deliberate attempt to undermine his authority and duties.
As of now, the National Industrial Court has not scheduled a date for the hearing of the case.
