By Adedapo Adesanya
A former chief risk officer of the Nigeria Inter-Bank Settlement System (NIBSS), Mr Temidayo Adekanye, has sued the agency for unlawfully terminating his appointment months after he raised concerns about fraud within the organisation.
According to TechCabal, the ex-NIBSS Risk officer is asking the National Industrial Court to award damages of N1 billion for wrongful termination and breach of contract.
He claimed that his appointment was terminated after sharing concerns internally about “serious financial misappropriation, corporate governance, and fraud” at NIBSS.
NIBSS develops and handles the infrastructure for payments between different banks in Nigeria. It is owned by all licensed banks in the country, including the Central Bank of Nigeria (CBN).
Mr Adekanye alleged fraudulent activity connected to Afrigo, a domestic card scheme launched in 2023, and NQR, a platform for QR-code payments. He also raised similar concerns about a cloud migration project.
The National Industrial Court has fixed May 20 for the first hearing.
According to court filings, in addition to the N1 billion settlement, the ex-risk officer also wants other payments totalling N410 million ranging from N250 million in special and general damages, N150 million in compensation for infringement of his fundamental rights, and N10 million as the cost of legal proceedings.
The aggrieved also sought NIBSS to pay him “the full amount of salaries, allowances, and other emoluments that he would have earned on the unexpired remaining years upon attainment of 60 years.”
He also pled with the court to mandate NIBSS to pay him 2 per cent of its profit before tax declared for 2023 and other entitlements applicable to the claimant in the circumstances.
In a response to the publication, the NIBSS said it was allowing the judicial process to play out.
“We respect the judicial process and believe it is essential to allow the legal process to take its course without interference or speculation.
“The referenced case in the National Industrial Court is not founded on any crime but what the Claimant perceives as an unlawful termination.”
The former chief risk officer told the court that he requested information on the company’s financial records and third-party contracts from the Chief Financial Officer (CFO), Company Secretary/Head of Legal, and Managing Director, but was denied access. He took his complaints to the board audit and risk committee on November 13, 2023.
Mr Adekanye also alleged that he was asked to resign and was offered N160 million in severance or risk immediate termination of his employment in a meeting with the company’s Head HR, HOD Legal/Company Secretary, Executive Director, Business Development, and CFO on January 15, 2024.
“Rather than act swiftly on the concerns raised by him, the defendant [NIBSS] changed its corporate structure and organogram to eliminate the claimant’s [Adekanye] office in a calculated attempt to oust his jurisdiction and stultify his duties as the Chief Risk and Compliance Officer,” he filed.
It was also reported that the position of CRO has been removed from the NIBSS organisational structure.
