A previous chief threat officer of the Nigeria Inter-Bank Settlement System (NIBSS), Temidayo Adekanye, has actually taken legal action against the changing business for unlawfully ending his consultation months after he raised issues about monetary impropriety. The previous NIBSS executive is asking the National Industrial Court to award damages of one billion naira for wrongful termination and breach of agreement, court files seen by TechCabal reveal.
He is likewise requesting 250 million in unique and basic damages, 150 million in payment for violation of his basic rights, and 10 million as the expense of legal procedures.
Adekanye, 52, asked the court to oblige NIBSS to “pay him the complete quantity of incomes, allowances, and other emoluments that he would have made on the unexpired staying years upon achievement of 60 years.” He likewise hoped the court to mandate NIBSS to pay him 2% of its revenue before tax stated for 2023 and “other privileges relevant to the plaintiff in the situations.”
At the heart of his claim is the claim that he was wrongfully fired after sharing issues internally about “major monetary misappropriation, business governance, and scams” at NIBSS, the industry-owned operator of the Nigeria Central Switch
The claims of monetary impropriety and scams at NIBSS will raise severe issues about the stability of Nigeria’s monetary system.
“We appreciate the judicial procedure and think it is necessary to permit the legal procedure to take its course without disturbance or speculation,” a representative for NIBSS stated through e-mail.
“The referenced case in the National Industrial Court is not based on any criminal activity however what the Claimant views as an illegal termination.”
Per court filings, Adekanye declared deceitful activity linked to Afrigo, a domestic card plan released in 2023and NQR, a platform for QR-code payments. He likewise raised comparable issues about a cloud migration task.
The previous chief threat officer informed the court that he inquired on the business’s monetary records and third-party agreements from the Chief Financial Officer (CFO), Company Secretary/Head of Legal, and Managing Director, however was rejected gain access to. He took his grievances to the board audit and threat committee on November 13, 2023.
Soon after, Adekanye was asked to resign and was used 160 million in severance or danger instant termination of his work in a conference with the business’s Head HR, HOD Legal/Company Secretary, Executive Director, Business Development, and CFO on January 15, 2024. His demand to evaluate the deal was declined, and ultimately, he was fired. The position of Chief Risk Officer was likewise removed within the business governance structure of NIBSS.
“Rather than act quickly on the issues raised by him, the offender [NIBSS] altered its business structure and organogram to get rid of the plaintiff’s [Adekanye] workplace in a calculated effort to oust his jurisdiction and stultify his responsibilities as the Chief Risk and Compliance Officer,” the court documents check out.
The National Industrial Court has actually repaired May 20 for the very first hearing.
* Editor’s note: This post has actually been upgraded to reveal that the court has actually set a date for hearing.