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CBN Faces Multi-billion Naira Damages Suits by over 100 Sacked Staff

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From Jude Dangwam, Jos

The Central Bank of Nigeria has been dragged into a multi-billion naira suits by the recently sacked staff of the financial Institution in the country at the National Industrial Court of Nigeria, Abuja Judicial Division challenging their unjust termination of service from the Apex BankRecalled in May 2024, the Apex Bank embarked on mass sacking of its senior officers, Directors, Deputy Directors, Assistants among others under the re-organization policy of the current CBN Governor, Olayemi Michael Cardorso where over 200 staff were affected aside the about 300 sacked in 2023.

The development has received wider condemnation across the country, and has generated reactions with questions begging for answers as most of the affected staff had their salaries earlier tied to certain loans making life difficult for them.
Some of the victims from Plateau State among other states of the federation through their Counsel, Ola Olanipekun (SAN) the Team Lawyers has approached the Industrial Court and filed various suits seeking for redress with claimants making 300 million naira demands each as damages running into billions of naira.In a Court document made available to Daily Asset Newspaper recently, part of the relief sought by the claimants’ Counsel, Olanipekun (SAN) is the reinstatement of the claimants and general damages caused by the Defendant within the time under review.The Senior Advocate of Nigeria submitted that the termination of the claimants appointments contravene the provision of section 14 of the Central Bank of Nigeria Act 2007 and Articles 6,4,3(a) of Human Resource Policies and Procedure Manual (HRPPM).Olanipekun prayed thus, “we urged your Lordship to be guided by the decision of Supreme Court in the case of Marine Management Associates Inc.& ANOR vs National Marine Authority (2012) LPELR-20618(SC) where the Apex Court held this;”The case is indeed well settled that in a case of breach of contract, which is what the present case is, the assessment of the damages is calculated on the basis that the loss was either in the contemplation of the contract or is an unavoidable consequence of the breach.”The fact that the damages as in the present case are difficult to assess does not disentitle a claimant to compensation for loss sustained from Defendant’s conduct of breach of contract. Also the fact that the amount of such loss cannot be precisely ascertained, does not deprive a claimant of all remedy as stated by this Court in Nzeribe vs Dave Engineering Co.Ltd (1994) 8NWLR (P361) 124 at 147.” He referredThe Counsel prayed the Court for an order that the Defendant(CBN) should pay forthwith all monthly salaries and allowances that the Claimants would have earned in the course of their service/employment, such other sums in that regard, from the effective date of unlawful termination of their appointment up and until their due date of lawful retirement.Olanipekun reiterated that the Claimants’ employment with the Defendant cannot be arbitrarily terminated and without recourse to the terms of the employment/appointment, the Defendant’s Human Resource Policies and Procedure Manuel and/or observance of due process of law hence the need for the Court to intervene.”An order of this Honorable Court setting aside the purported termination of the Claimants’ employment vide letter titled ‘Re-organization’ dated 24th May, 2024, for being arbitrary, unlawful, null and void.” He prayed to the Court.Recalled also that the Apex Bank sometimes in May 2024 sacked over 200 staff drawn across various states of the federation aside the 300 staff laid off in 2023 without any satisfactory reasons as most of the letters only carries “Re-Organization” indicating that their services were no longer needed following the re-organization of the Apex Bank leading to the institution of the suits at the Industrial Court.

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Yuletide: Bode George Urges Tinubu to Reduce Petrol Price

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Chief Bode George, a former Deputy National Chairman of the Peoples Democratic Party (PDP), has urged President Bola Tinubu to reduce the price of petrol   to N300 per litre ,to make things easy for Nigerians during the festive season.

George, the Atona Oodua of Yorubaland, made this plea at an interactive session with newsmen on Wednesday in Lagos.

The price of Premium Motor Spirit, popularly known as petrol, is currently above N1,000 per litre.

According to the elder statesman,Nigerians  are going through hardship, the President should give an order to reduce fuel price, specifying time frame the people will enjoy such window of relief.

He said that the federal government as well as well- meaning individuals and businesses could bear the cost of such price slash , to bring happiness to all Nigerians.

The PDP leader, who noted that December and January are  special months , said that such gesture could start from the  middle of December and run through January.

“I have been thinking, as a Nigerian, what can we do because the anger and the hunger are almost equal on the streets of Nigeria.

“What am I suggesting is that Mr President should sit down with his managers and give an order that from the middle of December to the end of January, the cost of petrol will be N300 per litre.

“The government can absorb the losses in the interest of the suffering people.

“If they (government) want others to contribute, let us know how much that is going to cost and ask people to donate, to bear the cost.

“We will be sending a lot of messages of happiness across the tribes and homes.

“Everybody in Nigeria will be happy because it will positively impact on this period of the year. It is a challenge and he (Tinubu) can do it.

“We need this in this December and January to put smiles on the faces of Nigerians, ” George, a PDP Board of Trustees (BOT) life member, said.

Advising the President to take further measures to bring relief to the people, he said that the gesture would crash prices of essential commodities and services for the benefit of all .

He said that government’s efforts should be concentrated on reducing high inflation rate, unemployment, poverty and youth restlessness  in order to create a better future for Nigerians

Speaking on the recent presidential election in Ghana, George noted that Nigeria’s electoral system  needed reforms to guard against electoral frauds and manipulations.

According to him, the nation will continue to grope for development if the system fails to encourage best candidates  to emerge.

Stating that election must reflect the wishes of the people and be devoid of  religious and tribal sentiments, George said that Ghana election should be a wake up call for Nigeria.

“INEC performance must improve. The commission must make sure that the voice of the people is  heard in elections.

“Electoral offenders should be made to face the music and sent to jail. We must be very firm about due process, credibility and transparency in elections,” he said.

Urging the President to revisit resolutions in the 2014 Constitutional Conference, George said that the current constitution was not federal in principle and practice.

“We should not deceive ourselves, the constitution is a problem. It is a military constitution, it is not democratic,” he said.

George called on the National Assembly to ensure devolution of powers and electoral reforms that would do away with manual collation of election results and mandate electronic transmission of election results from polling units.

George disagreed with political watchers saying no  vacancy in  presidency in 2027.

On the dwindling strength of the former ruling party, George, who noted that all organisations had its ups and downs, said that selfish interests and disregard for  party rules remained PDP’s major challenge.

He said that PDP could bounce back and win presidential election if the leadership decided to elevate national interest above selfish interests and adhere to the party’s constitution.

“We will tell ourselves some serious old truth. We messed ourselves  up. ” he said.

Stating, however, that the PDP was not dead, George said that lack of justice, equity, fairness and the inability to adhere to the  party’s zoning and rotational principle cost the party victory in 2023.

Calling on the party’s founding fathers alive to wake up and rescue the party, George said that Nigerians were still waiting for the former ruling party to take over power and put things right. (NAN)

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Tinubu Set for Groundbreaking of Renewed Hope City in Lagos 

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President Bola Tinubu, is set to perform the  groundbreaking of 2,000 housing units of the Renewed Hope City in Ibeju Lekki, Lagos, in the next few weeks.

Mr Ahmed Dangiwa, Minister of Housing and Urban Development, announced this during an official assessment visit, on Wednesday in Lagos

Dangiwa said Lagos would represent the South-west, while the president would do that of the North-West in Kano, before doing that of the four other regions.

“Arrangements is already on ground, we have gotten sites, and work has commenced for 2000 houses in the Renewed Hope City that we intend to build in Ibeju-Lekki,” he said.

Towards achieving the set goal, the minister said the visiting team also paid a courtesy visit to Gov.

Babajide Sanwo-Olu to discuss area of collaboration between the federal and state governments.

He disclosed that the federal and Lagos state governments had agreed to set up a Tripartite committee and ensure all the issues of concerns between the parties were resolved amicably for the benefit of all.

Earlier, the Minister embarked on an assessment visit of deplorable Federal Government buildings and assets across Lagos state in a bid to commence rehabilitation on them in a few months.

Dangiwa said the rehabilitation was necessary as the deplorable buildings posed a challenge and security concerns to the Lagos state government. (NAN)

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Gov. Alia Presents N550.1bn as 2025 Budget Estimate to Benue Assembly 

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Gov. Hyacinth Alia on Wednesday presented the sum of N550.1bn as the 2025 appropriation bill to the Benue State House of Assembly for consideration and passage into law.

Alia told the lawmakers that out of the total budget size, N175.4 billion is for recurrent expenditure while the N374.

7 billion is for capital expenditure.

The governor said that the total estimate represented a 47.

5  per cent increment over the 2024 revised and approved figure of N373 billion.

He stated that the appropriation bill tagged “Budget of Human Capital Development, Food Security, and Digital Economy” was to consolidate the gains made in 2024.

Alia further explained that the proposed recurrent expenditure of N175.

4 billion was 13.55 per cent higher than the previous year.

According to him, budgeted capital expenditure of N374.7 billion represents a 71.5 per cent increment on the 2024 revised capital expenditure.

“The budget breakdown indicated that the sum of N212.2 billion, representing 38.52 per cent is for administration; N196.6 billion, representing 35.68 per cent is for the economy; law and justice will take N26.6 billion, representing 4.84 per cent while social welfare will gulp N115.5 billion, representing 20.96 per cent.

“We have the vision. We have the will. And most importantly, we have the people ready to work alongside us to turn this vision into reality.

“Together, we will build a state where every citizen has the opportunity to succeed, where food is plentiful, and where the digital economy opens new frontiers of opportunity for all,” he said.

The governor said the intention of the government was to stay within the limits of its recurring revenue to build the state without accruing unnecessary debts for generations unborn.

He, however, said that since the 2025 budget was a deficit one, it proposed a borrowing plan of a conservative sum of N26bn, representing a modest 4.7 per cent of the proposed aggregate expenditure for 2025.

“This is lower than the state’s debt-to-GDP ratio of 8.2 per cent which is within the benchmark of the 25 per cent debt sustainability threshold.

“Despite these favourable debt ratios, I want to reiterate that borrowing will only be considered as a last resort and for regenerative investment purposes,” he added.

Alia stated that the problem of Internally Displaced Persons (IDPs) remained a challenge, adding that they have reasonably improved their living conditions.

He said the Bureau of International Cooperation and Development has elicited substantial grants from donors, totalling N85bn. (NAN)

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