The Central Bank of Nigeria (CBN) is in hot water, facing over 100 lawsuits from employees who were recently laid off. On May 24, 2024, the bank dismissed over 200 staff as part of a reorganization plan put into effect by the current administration under President Bola Tinubu.

The affected employees are not taking the dismissals lying down. They argue that their terminations were unjust and are turning to the courts for justice. Their lawyer, Mr. Ola Olanipekun, SAN, has filed these cases with the National Industrial Court in Abuja, demanding compensation for the employees.

According to Olanipekun, the dismissals have caused significant financial damage, amounting to hundreds of millions of naira. He is seeking a court order for CBN to pay the employees their full salaries, allowances, and other benefits. Additionally, he is requesting N30 million to cover legal fees and a 21% annual interest on any awarded amounts until they are fully paid.

The legal process began with an Originating Summons filed on August 22, 2024, which includes a detailed affidavit from the claimants. The outcome of these cases could have a major impact on both the affected employees and the CBN.