See why over 100 sacked staff drags CBN to court and their demands

• Former employees of the Central Bank of Nigeria have filed lawsuits challenging their recent dismissal
• As part of the cleanup under Godwin Emefiele's regime, several CBN staff members were relieved of their jobs
• The now former employees of the CBN believe that the action was unjust and are seeking redress in the National Industrial Court

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

The Central Bank of Nigeria (CBN) has been dragged to National Industrial Court (NIC) by over 100 of its staff that were recently sacked under the bank’s re-organisation strategy by President Bola Tinubu’s administration.

Yemi Cardoso clean up of CBN affected 100 staff Photo credit: Bloomberg/contributors
Source: Getty Images

The sacked staff are demanding payment for damages and entitlements among others.

Legit.ng earlier reported that in his inauguration speech, President Tinubu announced that there would be a thorough house cleaning at the CBN.

Part of the speech reads:

Staff demands compensation

Some of the staff affected by the reorganization felt they were wrongfully dismissed while still having years left in their service and decided to seek compensation.

Reports have it that over 100 suits have so far been filed, and the lead counsel to some of the affected staff, Ola Olanipekun (SAN), said his clients approached the court to enforce their right to a fair hearing.

Ola Olanipekun (SAN) stated that the wrongful actions of the Central Bank of Nigeria have caused significant damages to his clients, amounting to hundreds of millions of naira.

He is requesting the court to order the bank to pay the claimants their monthly salaries, allowances, and other entitlements.

For one client who earns N1,621,455.70 monthly was unlawfully terminated with nine years of service remaining, Olanipekun is seeking an order for the payment of N178,360,127.00 for the duration of the remaining service.

He is also demanding N100,000,000.00 in general damages for wrongful termination.

Additionally, he is demanding N30,000,000.00 for litigation costs and 21% post-judgment interest on all awarded sums until fully paid.

Moghalu speaks on CBN’s staff relocation

Legit.ng reported that Kingsley Moghalu has expressed his opinion on the recent announcement by the CBN to relocate some of its staff from Abuja.

The move has been reported to have generated concerns and silent protests from affected CBN staff.

The Central Bank of Nigeria has its headquarters in Abuja with satellite offices across the country.

Source: Legit.ng