Business
JUST IN: Disengaged staff Drags CBN to Court, demanding N30bn compensation
Former staff members of the Central Bank of Nigeria (CBN) who were dismissed in a mass layoff last year, have sued the apex bank.
They are also seeking N30 billion in general damages for psychological distress, hardship, and reputational harm caused by the dismissal; and an additional N500 million as the cost of the suit.
TheCable reports that in a court document on Monday, the workers alleged that the CBN violated internal policies, Nigerian labour laws, and their contractual rights.
The claimants, represented by Stephen Gana and 32 others, filed a class action lawsuit at the national industrial court of Nigeria (NICN), Abuja.
They said their termination process, carried out through letters, titled, ‘Reorganizational and Human Capital Restructuring’, and dated April 5, 2024, violated both the CBN human resources policies and procedures manual (HRPPM) and Section 36 of the Nigerian constitution.
The claimants said the process lacked the necessary consultation and fair hearing mandated by law.
The originating summons, filed on July 4, 2024, under the NICN Civil Procedure Rules 2017, raised several questions for the court to consider, including whether the claimants were denied their constitutional right to a fair hearing before and after their appointments were terminated.
The workers also claimed that the termination letters, issued on the basis of “restructuring,” were arbitrary, illegal, and unconstitutional.
Insisting that they continue to work for the apex bank, the claimants are seeking a court ruling that their dismissals are “void and useless”.
Additionally, they sought a restraining order to prevent the CBN from firing them without following the proper procedures, immediate reinstatement, and payment of salaries and benefits from the date of termination.
The court filing references Article 16.4.1 of the HRPPM, which mandates consultation with the joint consultative council (JCC) and adherence to fair procedures before employment actions adversely affect staff.
The claimants said the provision was flagrantly disregarded, as they were given just three days to vacate their positions and hand over official property.
Business
President Tinubu Leaves for Kenya, Rwanda and France to Strengthen Strategic Partnerships
At the two summits, President Tinubu will deliver statements highlighting his administration’s ongoing reforms to reposition the nation as a prime destination for investment and growth. He will also hold high-level meetings with top-tier global and African business leaders.
President Bola Ahmed Tinubu will depart Abuja on Saturday, May 2nd, on a visit to Kenya, Rwanda and France.
The itinerary details are provided by Bayo Onanuga,Special Adviser to the President(Information & Strategy), as follows:
” President Tinubu’s first stop will be in France, after which he will depart for Nairobi, Kenya, to attend the Africa-France Summit scheduled to begin next week.
Co-chaired by President Emmanuel Macron and President William Ruto, the summit focuses on energy transition, green industrialisation, digital transformation, restructuring of global financing architecture, and climate action.
President Tinubu’s participation at the summit from May 11- 12 will underscore Nigeria’s unwavering commitment to strengthening strategic partnerships with African nations and the French Republic.
The summit, with the theme – “Africa Forward: Africa-France Partnerships for Innovation and Growth” – will provide a high-level platform for African leaders and their French counterparts to deliberate on critical issues affecting the continent, including economic transformation, climate resilience, infrastructure development, youth empowerment, technological advancement, and peace-building initiatives.
At the end of the Kenyan summit, President Tinubu will depart for Kigali, Rwanda, to attend the annual Africa CEO Forum, taking place between May 14th and 15th.
With the theme “Scale or Fail”, this year’s Africa CEO Forum will be the largest gathering of African private sector leaders, investors, and policymakers, focusing on accelerating economic transformation through shared scale, regional integration, and increased cross-border investment.
Held in partnership with the International Finance Corporation (IFC), the summit brings together over 2,000 top executives and national leaders to debate strategies for building resilient, competitive industries.
At the two summits, President Tinubu will deliver statements highlighting his administration’s ongoing reforms to reposition the nation as a prime destination for investment and growth. He will also hold high-level meetings with top-tier global and African business leaders.
President Tinubu will be accompanied on the trip by some of his ministers and senior aides.
He will return to Nigeria at the end of the Rwanda summit. “
Business
Nigerian Lawmakers Demand Arrest of World Bank Official Calling for Reinstatement of Petroleum Import Licences
Declaring the unnamed World Bank official persona non grata, the Committee gave the Bank 30 days to issue a public retraction and written apology.
The House of Representatives Committee on Petroleum Resources (Downstream) has call for the dismissal and arrest of the World Bank official responsible for the April 7, 2026 Nigeria Development Update, which recommended the reinstatement of petroleum import licences.
The Committee described the recommendation as a reckless move capable of undermining Nigeria’s indigenous refining capacity.
In a formal resolution, the Committee condemned the World Bank report, which claimed that imported petroleum products are 12 percent cheaper than those from the Dangote Refinery.
It rejected the position as contrary to Nigeria’s national economic interest and an unacceptable interference in the country’s sovereign petroleum policy.
Declaring the unnamed World Bank official persona non grata, the Committee gave the Bank 30 days to issue a public retraction and written apology.
It further demanded that the staff member responsible for the report be relieved of their duties and subjected to investigation.
Business
Senate approves Tinubu’s $516.3m loan
The syndicated financing facility is being sought from Deutsche Bank, according to a letter of request Tinubu sent to the Senate last Thursday.
The Senate has approved the $516.3 million loan requested by President Bola Ahmed Tinubu.
The money will be used for the construction of the Sokoto-Badagry Superhighway (Section One, Phase 1A and B).
The approval was given on Wednesday after the Senate considered the report of its Committee on Local and Foreign Debts.
The committee, chaired by Senator Magatagarda Wamakko, recommended the approval of the loan.
The syndicated financing facility is being sought from Deutsche Bank, according to a letter of request Tinubu sent to the Senate last Thursday.
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