The National Industrial Court of Nigeria (NICN) has imposed a financial penalty on the Central Bank of Nigeria (CBN) for causing delays in hearing lawsuits filed by 62 former employees challenging their disengagement.
Justice Osatohanmwen Obaseki-Osaghae issued the ruling on Thursday following an oral application by senior advocate Ola Olanipekun, counsel to the former workers. The court ordered the CBN to pay ₦620,000 for stalling the day’s proceedings.
The claimants filed separate suits, naming the CBN as the sole defendant. In one of the suits, marked NICN/ABJ/26x/2024 and dated Aug. 21, 2024 (filed Aug. 22), the ex-staff asked the court to invalidate their termination letters, which were titled “Re-Organisation,” dated May 23, 2024, and effective May 24, 2024. They argued that the dismissals violated provisions of the CBN Act 2007 as well as the bank’s human resources policies.
The former workers are seeking a declaration that their employment contracts remain valid and enforceable. They also demand an order reversing the termination and directing the CBN to reinstate them to their former or appropriately elevated positions.
Additionally, they are requesting full payment of all salaries, allowances, and benefits they would have earned had their employment not been terminated. A consolidation motion combining the multiple suits has also been filed by their legal team.
At Thursday’s hearing, Olanipekun noted the case was scheduled to proceed on the substantive originating summons and the CBN’s preliminary objection. He told the court that they were fully prepared to proceed.
However, CBN’s counsel, Wilson Inam, SAN, stated that he had filed a fresh application a day earlier — served to opposing counsel that same morning — requesting that the originating summons be converted to a writ of summons on the grounds that material facts were in dispute.
Olanipekun objected, describing the application as a deliberate delay tactic given that the matter last came up on Oct. 2 and the CBN had ample time to file such a motion. He insisted that facts in the case were appropriate for determination via originating summons and asked the court to disregard the CBN’s move.
He also requested a cost of ₦10,000 per claimant, amounting to ₦620,000, citing the inconvenience to both counsel and the 62 ex-staff who were present in court.
The CBN’s counsel opposed the cost request, but the court sided with the claimants. Justice Obaseki-Osaghae ruled that the CBN’s application had disrupted the hearing and awarded the requested cost, ordering payment before the next sitting.
The matter was adjourned to January 12, 2026, for hearing of pending motions.
The case has drawn attention due to earlier developments in 2024 when Justice Benedict Kanyip recused himself after discovering that one of the CBN’s lawyers, from the firm D.D. Dodo, SAN & Co., was his in-law. The disengaged staff previously worked in the bank’s now-defunct Economic Intelligence Unit (EIU), which was credited with major investigations, including the P&ID case that overturned an $11 billion arbitral award against Nigeria.
The former employees allege they were unjustly targeted despite the unit’s achievements, which included uncovering fraud, tracking illicit fund movements, and exposing irregular FX repatriation schemes involving gaming and betting companies.
 has imposed a financial penalty on the Central Bank of Nigeria (CBN) for causing delays in hearing lawsuits filed by 62 former employees challenging their disengagement.){kind=link}