Former NIBSS Executive Sues Company for Wrongful Termination Amid Allegations of Financial Misconduct

Temidayo Adekanye, the former Chief Risk Officer of the Nigeria Inter-Bank Settlement System (NIBSS), has filed a lawsuit against the switching company for what he claims was an unlawful termination of his employment. Adekanye alleges that he was fired months after raising concerns about financial impropriety within the organization.

According to court documents obtained by TechCabal, Adekanye is seeking damages totaling one billion naira for wrongful termination and breach of contract. Additionally, he is requesting ₦250 million in special and general damages, ₦150 million for infringement of his fundamental rights, and ₦10 million to cover legal expenses.

Alternatively, Adekanye is asking the court to compel NIBSS to pay him the full amount of salaries, allowances, and other benefits he would have received until the age of 60, as well as 2% of the company’s profit before tax for 2023.

Adekanye alleges that he was terminated after raising concerns internally about “serious financial misappropriation, corporate governance, and fraud” at NIBSS, which operates the Nigeria Central Switch. These allegations, if proven true, could undermine confidence in Nigeria’s financial system.

In response, a spokesperson for NIBSS stated, “We respect the judicial process and believe it is essential to allow the legal process to take its course without interference or speculation.” The spokesperson clarified that the case is not based on criminal accusations but on Adekanye’s perception of wrongful termination.

According to court filings, Adekanye raised concerns about potential fraudulent activities related to Afrigo, a domestic card scheme, NQR, a QR-code payments platform, and a cloud migration project. He alleges that his requests for financial records and third-party contracts were denied by senior management.

Adekanye further claims that he was offered ₦160 million in severance or immediate termination during a meeting with company executives after refusing to resign voluntarily. He was ultimately fired, and the position of Chief Risk Officer was eliminated within NIBSS’s corporate structure.

The National Industrial Court has scheduled the first hearing for May 20, where Adekanye’s allegations will be examined.