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Employment Termination: Ex-NIBSS Risk Officer Demands N1bn

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temidayo adekanye ex-NIBSS Risk officer

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.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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Lolu Akinwunmi, Iquo Ukoh to Co-chair 2026 CMO Circle

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2026 CMO Circle

By Modupe Gbadeyanka

The duo of Lolu Akinwunmi and Iquo Ukoh will co-chair the 2026 Chief Marketing Officers Circle (CMO Circle), slated for June 5, 2026, with the theme The C-Suite Mandate: Talent Density and Marketing Leadership.

The invitation-only forum for CMOs and senior marketing leaders will bring together the most influential voices in marketing to shape strategy at the highest levels of business and public policy.

As Co-Chairs, Akinwunmi and Ukoh will curate and lead high-level discussions focused on innovation, talent density, enterprise growth, and the expanding mandate of the CMO within the C-suite. Their stewardship reinforces the Circle’s role as a convening authority—one that not only reflects industry thinking but actively defines it.

Akinwunmi, Group CEO of Prima Garnet (Ogilvy Nigeria), brings decades of experience advising leading national and multinational brands, alongside a distinguished record of industry leadership.

Ukoh, Chief Executive Officer of Entod Marketing and former Director of Marketing Services at Nestlé Nigeria, is widely regarded for her leadership in brand strategy, consumer engagement, and cultural storytelling.

Convened by MarkHack in partnership with StatiSense and Brand Communicator, the CMO Circle operates at the intersection of enterprise leadership and national development. Beyond dialogue, the Circle institutionalises its influence through the quarterly CMO Index. This flagship publication aggregates executive sentiment, market intelligence, and forward-looking insights to inform policy conversations and economic decision-making. In doing so, the Circle positions marketing leadership as a critical voice in shaping Nigeria’s business environment and policy direction.

“The CMO Circle is intentionally designed as a premium, outcomes-driven platform—one that moves marketing leadership beyond the boardroom into the sphere of policy influence.

“With Iquo Ukoh and Lolu Akinwunmi as Co-Chairs, we are setting a clear tone of authority, depth, and relevance. Through the CMO Index and our quarterly convenings, the Circle will play a defining role in shaping both industry direction and policy dialogue,” the convener of CMO Circle, Mr Victor ’Gbenga Afolabi, stated.

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Court Grants El-Rufai N100m Bail in DSS Case 

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nasir el-rufai icpc

By Adedapo Adesanya

Justice Joyce Abdulmalik of the Federal High Court in Abuja has granted bail to former Kaduna State Governor, Mr Nasir El-Rufai, in the sum of N100 million with one surety in like sum.

Delivering the ruling, Justice Abdulmalik imposed a series of stringent conditions that the defendant must meet before perfecting the bail.

The court held that the proposed surety must reside in either the Maitama or Asokoro districts of Abuja and must deposit the original Certificate of Occupancy (C-of-O) of a landed property at the court registry.

The surety is also required to be a federal civil servant not below Grade Level 17 and must provide evidence of salary payments for at least three months, authenticated by a letter from the manager of a bank within the jurisdiction of the court.

The court further ordered the surety to depose to an affidavit of means, enter into a bail bond, and submit a recent passport photograph to the court registry.

As part of the bail conditions, Mr El-Rufai is to deposit all valid international passports with the court registry.

The court also directed that a verification letter from the surety’s immediate department be submitted, alongside a tax clearance certificate covering the last six months.

Justice Abdulmalik further ordered the defendant to report to the headquarters of the Department of State Services every last Friday of the month by 10 a.m. to sign an attendance register pending the determination of the case.

The judge warned that failure to comply with the conditions would lead to an automatic revocation of the bail.

The court additionally directed the defendant to submit a letter of attestation from the Chairman of the Kaduna Traditional Council.

This comes a month after a Kaduna Court granted bail to the former Minister in a corruption case filed by the Independent Corrupt Practices and Other Related Offences Commission (ICPC) over charges related to alleged corruption and abuse of office during his tenure in the North-Western state from 2015 to 2023.

He was alleged to have abused his office and to have intended to commit fraud and confer undue advantage, which were alleged against the opposition politician.

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PenCom Proposes Full Salary Pension for Retired Police Officers

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police retirees

By Adedapo Adesanya

The National Pension Commission (PenCom) has proposed a sweeping reform of retirement benefits for officers of the Nigeria Police Force under the Contributory Pension Scheme (CPS), including lifetime monthly pensions equivalent to 100 per cent of their final salary and a gratuity of 200 per cent of their annual emoluments upon retirement.

According to the Leadership newspaper, the measure is part of federal government efforts to address persistent agitation from retired police personnel who say CPS payouts are inadequate.

The reform will see retired police officers receive a monthly pension equivalent to 100 per cent of their final salary for life and gratuity payments amounting to 200 per cent of annual emoluments, benefits that many officers have been clamouring for years.

According to the newspaper, retirees under the scheme have raised concerns over poor pension payouts, with some saying they receive as little as N30,000 to N80,000 monthly, while also lamenting the inadequacy of their lump-sum retirement benefits.

Some other recommendations include increasing active officers’ monthly pension contribution for serving police officers from the current 10 to 20 per cent, while employee contributions will remain at 8 per cent.

The new arrangement, which includes a monthly pension equivalent to an officer’s last salary and increased gratuity benefits, is expected to strengthen financial security for retired personnel and boost the morale of officers still in active service.

The measure is expected to significantly improve Retirement Savings Account (RSA) balances, enhance pension payouts, and strengthen the long-term sustainability of the pension structure.

If approved by President Bola Tinubu, the augmentation plan for police personnel will reflect the government’s recognition of the police’s critical role in maintaining national security and public order, as well as the need to ensure officers’ dignity and stability after retirement.

Police pensioners who have been protesting against the CPS insisted that the scheme, which requires both employers and employees to contribute monthly into Retirement Savings Accounts (RSAs) managed by Pension Fund Administrators (PFAs), has worsened their welfare.

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