Some former staff members of the Central Bank of Nigeria (CBN) have initiated legal action against the apex bank at the National Industrial Court, challenging their recent dismissal.
The plaintiffs, represented by Okwudili Abanum in a class action suit, are among those affected by the CBN’s mass layoffs under its recent restructuring initiative.
They claim their termination, executed through letters titled “Reorganisational and Human Capital Restructuring” and dated April 5, 2024, was arbitrary, illegal, and unconstitutional.
The aggrieved staff argue that the CBN violated their constitutional right to a fair hearing, breached internal human resources policies, and disregarded Nigerian labor laws.
In their submission, they stated that the dismissal process lacked the necessary consultation and fairness required by law.
They are seeking several remedies, including: a declaration that their dismissal is null and void, Immediate reinstatement and payment of all salaries and benefits from the date of termination, N30 billion in damages for psychological distress, hardship, and reputational harm caused by their dismissal and an additional N500 million as the cost of the suit.
At the initial hearing on November 20, 2024, Justice O. A. Osaghae encouraged both parties to explore amicable resolution options in line with Section 20 of the National Industrial Court Act, 2006.
The court adjourned the case to January 29, 2025, to hear the CBN’s preliminary objection to the suit.
The CBN, represented by a legal team led by Inam Wilson, contends that the termination was part of a voluntary Early Exit Programme under its restructuring efforts.
CBN Governor Olayemi Cardoso, represented by Bala Bello, Deputy Director of Corporate Services, told a House of Representatives committee that the affected staff opted to leave voluntarily in exchange for a severance package.
Cardoso emphasized that the restructuring aimed to optimize organizational performance, ensuring the right talent occupied critical roles.
The suit highlights a sharp divergence in narratives, with the claimants alleging undue dismissal and the CBN insisting on voluntary resignations.
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