Fired CBN Staff Seek Justice in Court, Demand N30bn Settlement for Lost Livelihoods

In a legal showdown, 33 former staff members of the Central Bank of Nigeria (CBN) have filed a lawsuit against the institution, seeking N30 billion in damages over their recent dismissals. The plaintiffs argue that their sacking, which was part of the CBN’s restructuring and human capital reorganization efforts, was unlawful and violated their rights.

The ex-employees claim that their terminations were carried out without following proper procedure, including failing to consult them and denying them a fair hearing. They have filed the case before the National Industrial Court in Abuja, demanding their immediate reinstatement, along with full payment of salaries and benefits that would have accrued during their tenure.

The suit seeks a declaration that the dismissals were illegal, as well as compensation for emotional distress, hardship, and damage to their reputations. In addition to the N30 billion in general damages, the plaintiffs are requesting a separate sum of N500 million to cover the cost of the legal action. They contend that the bank’s actions were not only unlawful but also caused significant mental and financial strain.

During the initial hearing on November 20, 2024, Justice O. A. Osaghae urged the parties to attempt an amicable settlement. However, the case has been adjourned to January 29, 2025, to address a preliminary objection raised by CBN’s legal team. The bank, on its part, maintains that the dismissals were part of a voluntary early exit program designed to streamline operations and enhance efficiency.

Despite the CBN’s claims of transparency in the process, the former employees insist that their dismissals were arbitrary, constituting a breach of the Nigerian Constitution and the bank’s own policies. The outcome of this legal battle could set a significant precedent for labor disputes in Nigeria’s financial sector.