A former high-ranking official at the Nigeria Inter-Bank Settlement System (NIBSS) has entered a legal conflict with his ex-employer.
Temidayo Adekanye, who served as a Chief Risk Officer at NIBSS, is suing the company for wrongful termination after he flagged alleged financial misconduct.
Adekanye’s lawsuit, filed with the National Industrial Court, seeks N1 billion ($2.4 million) in damages for what he claims was an unlawful dismissal. He further argues that his termination breached his employment contract.
The crux of the case hinges on Adekanye’s accusations of “serious financial misappropriation, corporate governance issues, and fraud” within NIBSS. The lawsuit details concerns raised by Adekanye regarding the Afrigo domestic card scheme launched in 2023, the NQR QR code payment platform, and a cloud migration project.
According to court documents, Adekanye sought clarification from NIBSS’s CFO, company secretary, and managing director but was allegedly denied access to relevant financial records and contracts. He subsequently escalated his concerns to the company’s board audit and risk committee in November 2023.
Adekanye alleges that NIBSS, instead of investigating his claims, pressured him to resign in January 2024. When he refused, he was terminated. The lawsuit also points out the elimination of the Chief Risk Officer position from NIBSS’s corporate structure, which Adekanye’s lawyers argue is a deliberate attempt to silence him.
NIBSS, while acknowledging the lawsuit, is yet to comment on the specifics of the case, citing respect for the judicial process. The organization maintains that Adekanye’s termination was based on a perceived unlawful termination, not any criminal activity.
The first hearing for this case is scheduled for May 20th at the National Industrial Court. The outcome could have some implications for NIBSS’s reputation and potentially raise concerns about the integrity of Nigeria’s financial system.
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