NICN orders a N620,000 fine after a CBN Delay stalls the suits filed by 62 disengaged staff challenging their termination
In Abuja on Thursday, proceedings at the National Industrial Court of Nigeria were reported to have taken an unexpected turn when the judge sanctioned the Central Bank of Nigeria for what she described as a disruptive CBN Delay in the ongoing staff termination suits.
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Justice Osatohanmwen Obaseki-Osaghae ordered the bank to pay a N620,000 cost after counsel for 62 disengaged employees complained that the apex bank’s late filing of a fresh application had forced an adjournment on a day fixed for hearing.
The former staff members are challenging their termination letters issued on 23 May 2024 under the heading Re-Organisation.
They argue that the action breached the CBN Act 2007 and the institution’s internal human resource policies, making the sack unlawful and void.
They are seeking reinstatement, payment of outstanding entitlements and a complete setting aside of their termination.
Their suits, filed separately, have been the subject of an application for consolidation following earlier procedural complications.
In 2024, the President of the NICN, Justice Benedict Kanyip, recused himself after discovering a conflict of interest involving a lawyer from the CBN’s team who is his in-law.
Many of the claimants previously served in the now-defunct Economic Intelligence Unit of the CBN.
They maintain that they were unfairly targeted despite the unit’s significant achievements, including investigations into the P&ID 11 billion dollar arbitration, the recovery of 3.18 billion naira concealed by a bank agent and probes into gaming companies linked to unauthorised foreign exchange repatriation.
They insist that their dismissal was punitive, arbitrary and intended to dismantle a unit credited with vital financial intelligence work.
At Thursday’s proceedings, their counsel, Ola Olanipekun, told the court that both sides were prepared to continue with the originating summons and the bank’s preliminary objection when the CBN suddenly introduced a new application.
The motion, filed on 26 November and served the same morning, sought to convert the case from an originating summons to a writ of summons on the grounds that facts were in dispute.
He described the move as an unnecessary setback and asked the court for a cost of ten thousand naira per claimant.
Responding, CBN’s lawyer, Wilson Inam, apologised for the late filing and service but maintained that the conversion was necessary.
Justice Obaseki-Osaghae disagreed, ruling that the application had indeed disrupted the scheduled hearing.
She awarded a total cost of N620,000 against the bank and directed that the amount be paid before the next sitting.
Also read: CBN lending rates rise across Nigerian banks
The matter has been adjourned to 12 January 2026 for the hearing of pending applications.
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