The National Industrial Court sitting in Port Harcourt has ordered the Central Bank of Nigeria (CBN) to immediately remove the name of Blessing Ogechi Nnaji from its blacklist, restoring her eligibility to seek employment within Nigeria’s financial services sector.
Delivering judgment at the Port Harcourt Judicial Division, Justice Zaynab Bashir ruled that the CBN’s decision to blacklist Nnaji failed to satisfy regulatory requirements and violated principles of fairness, transparency, and accountability. The court held that no credible evidence existed to justify her inclusion on the blacklist.
Nnaji told the court that she had never been informed of the reasons for her blacklisting by the CBN. According to her counsel, the only information she received came through her employer, from whom she subsequently resigned while the matter remained before the court.
Her counsel stated that Nnaji had written to both Fidelity Bank and the CBN seeking clarification regarding the blacklisting but received no clear explanation. Fidelity Bank, he said, merely informed her that an internal investigation was ongoing.
In its defence, Fidelity Bank urged the court to dismiss the suit on jurisdictional grounds. The bank argued that, prior to the termination of Nnaji’s employment, she had been confronted over allegations of misconduct, which justified reporting the matter to the regulator in order to protect the integrity of the financial system.
The bank further contended that Nnaji had not approached the court with “clean hands”, alleging that she withheld material facts relating to the misconduct allegations.
The CBN also challenged the suit, requesting that it be struck out for lack of jurisdiction. Counsel for the apex bank argued that matters involving the CBN as a Federal Government agency ought to be heard by the Federal High Court. The regulator further maintained that Nnaji had failed to prove that her name had been placed on its blacklist and urged the court to dismiss the case.
Responding, counsel to Nnaji, A. I. Salami, argued that the matter centred on her right to work and employment, issues that fall squarely within the jurisdiction of the National Industrial Court. Salami further contended that the CBN’s denials were evasive and that the facts presented by his client remained largely unchallenged.
In her ruling, Justice Bashir dismissed the preliminary objections raised by both Fidelity Bank and the CBN. She held that where a dispute involves a Federal Government agency in connection with labour or employment matters, the National Industrial Court retains exclusive jurisdiction.
Addressing the substantive issues, the judge stated that a proper interpretation of Clause 7.0 of the CBN Revised Guidelines for Blacklisting Banks and Other Financial Institutions demonstrates that allegations of misconduct alone are insufficient grounds for blacklisting.
Justice Bashir held that such misconduct must be of a serious nature, cause measurable harm, and be supported by credible and verifiable evidence.
The court found no evidence that the conduct alleged by Fidelity Bank caused significant harm to the institution or its customers, nor that it amounted to the category of serious offence contemplated under the CBN guidelines.
Justice Bashir further held that, rather than following the prescribed regulatory process, Fidelity Bank facilitated the termination of Nnaji’s employment through her direct employer before subjecting her to the more severe consequence of blacklisting without demonstrating due process.
The court declared that Fidelity Bank possessed no record or evidence directly linking Nnaji to any offence serious enough to warrant blacklisting under the CBN Revised Guidelines.
“It is also instructive that while the 1st Defendant alleged multiple instances of misconduct, only a single incident was placed before this Court,” Justice Bashir said.
“Even in respect of that incident, the evidence falls short of establishing a basis for blacklisting within the contemplation of the applicable regulatory framework,” the judge added.
