Business

Disengaged CBN Staff Sue Bank Over Mass Termination

Published

1 year ago

January 7, 2025

Admin

By Gabriella Ogbu

A group of 33 former employees of the Central Bank of Nigeria (CBN), has filed a lawsuit against the institution at the National Industrial Court of Nigeria (NICN), in Abuja, challenging their dismissal in a mass termination last year.

In an originating summons filed on July 4, 2024, the claimants, including Stephen Gana, Kabiru Idris, Benedict Agbo, Peter Adeyemi, John Yisa, and Eleanor Ihua, allege that their constitutional right to a fair hearing was violated before and after their termination.

They argue that the CBN breached Nigerian labor laws, its internal policies, and their contractual rights.

Represented by Okwudili Abanum, the claimants contend that their termination, communicated via letters titled “Reorganizational and Human Capital Restructuring” on April 5, 2024, was unlawful.

They assert that the process violated the CBN’s Human Resources Policies and Procedures Manual and Section 36 of the 1999 Constitution, which guarantees fair hearing.

The lawsuit seeks a declaration that their dismissal is null and void, a restraining order preventing future terminations without due process, and reinstatement with full salaries and benefits.

The claimants are also demanding N30 billion in general damages for psychological distress and reputational harm, along with N500 million for legal costs.

During the initial hearing on November 20, 2024, presiding Judge O. A. Osaghae urged both parties to consider an amicable resolution, in line with Section 20 of the Nigerian Industrial Court Act, 2006.

Meanwhile, the CBN, represented by Senior Advocate of Nigeria (SAN), Inam Wilson, filed a preliminary objection on November 4, 2024.

The court has adjourned the case to January 29, 2025, for a hearing on the objection.

The lawsuit follows the CBN’s termination of nearly 1,000 employees between March and May 2024.

While the bank cited “reorganisation and human capital restructuring,” some affected staff reported receiving severance packages as low as N5,000, while others alleged that their gratuities were deducted to offset outstanding loans.

On December 4, 2024, the CBN defended its actions, stating that its “early exit package” was voluntary and that no adverse consequences would be faced by eligible staff.

Business

CBN Restores BDC Access to FX Market, Caps Weekly Purchases at $150,000

Published

6 days ago

February 11, 2026

Samson Adeyanju

By Huldah Shado

The Central Bank of Nigeria (CBN), has approved the participation of licensed Bureau De Change (BDC), operators in the Nigerian Foreign Exchange Market (NFEM), allowing each BDC to purchase up to $150,000 weekly.

The approval was contained in a circular dated February 10, 2026, signed by the Director of the Trade and Exchange Department, Dr. Musa Nakorji, and addressed to authorised dealer banks and the general public.

The CBN said the move is aimed at improving foreign exchange liquidity in the retail segment of the market and meeting the legitimate needs of end users, amid a widening gap between the official and parallel market exchange rates.

Under the new arrangement, licensed BDCs can access foreign exchange from the NFEM through any authorised dealer bank of their choice at the prevailing exchange rate.

The apex bank directed banks to carry out full Know-Your-Customer (KYC), and due diligence checks on BDC clients before selling foreign exchange to them.

It also imposed reporting and transparency requirements, mandating BDCs to submit returns electronically to the CBN.

In addition, the bank prohibited third-party transactions and limited cash settlement to a maximum of 25 per cent of each transaction.

Abuja Reports

Ultraviolet MFB MD Visits Equity Circle, Eyes Strategic Partnership

Published

2 weeks ago

January 30, 2026

Samson Adeyanju

By Samson Adeyanju

The Managing Director and Chief Executive Officer of Ultraviolet Microfinance Bank, Bayonle Omoyele, has paid a working visit to Equity Circle, one of Abuja’s fast-growing real estate companies, as part of efforts to strengthen strategic partnerships within Nigeria’s real estate sector.

During the visit, Equity Circle’s Co-Founder and Chief Marketing Officer, Fabian George, conducted Omoyele on a tour of the company’s facilities and outlined its growth trajectory.

He disclosed that the firm recorded significant milestones over the past four years, culminating in an ₦8 billion revenue in the 2025 financial year.

Discussions between both parties focused on establishing a strategic credit relationship, with proposed areas of collaboration including invoice discounting, structured credit solutions, and cash-flow management support to help Equity Circle sustain and scale its operations.

Addressing Equity Circle staff during an interactive session, Omoyele emphasised the importance of strong marketing fundamentals, highlighting the 4Ps of marketing-Product, Price, Place, and Promotion, as key drivers of long-term competitiveness and brand leadership.

He also urged the team to adopt a long-term growth mindset, remain focused, and ensure that every unit contributes meaningfully to the organisation’s strategic goals, noting that disciplined execution is critical in Nigeria’s evolving real estate market.

The visit underscores Ultraviolet Microfinance Bank’s commitment to supporting high-growth enterprises through tailored financial solutions and partnerships that promote sustainable economic development.

Business

Moniepoint Strengthens Africa’s Tech Talent Pipeline with DreamDevs Cohort 2

Published

4 weeks ago

January 19, 2026

Samson Adeyanju

By Omoniyi David

Moniepoint Inc has reaffirmed its commitment to building Africa’s technology talent pipeline, announcing the opening of applications for the second cohort of its flagship DreamDevs initiative.

Co-Founder and CTO Felix Ike described DreamDevs as a programme that equips recent graduates with industry-ready skills and hands-on experience to bridge the continent’s tech talent gap.

“The success of our first cohort validated that Africa’s young tech talent can compete globally. This year, we aim to convert half of our participants into full-time employees,” Ike said, adding that the initiative creates sustainable career pathways that drive Africa’s digital economy.

DreamDevs complements Moniepoint’s other talent development programmes, including HatchDev, in collaboration with NITHub, University of Lagos, which trains about 500 specialised developers annually, and the Women-in-Tech programme, now in its fifth year.

The initiative also aligns with the Federal Government’s 3 Million Technical Talent (3MTT), programme, with Moniepoint serving as a key sponsor, offering graduates a specialised pathway from training to employment.

DreamDevs underscores Moniepoint’s broader mission to leverage technology to empower Africa’s youth and advance the continent’s digital economy.