23rd September, 2010
Some recently sacked percieved loyalists of the ousted former Director-General of theÂ Nigerian Stock Exchange, NSE, Dr. Ndi Okereke-Onyiuke are fighting back as they have suedÂ the interim administrator of Securities and Exchange Commission, SEC.
Joined in the suit are the Nigerian Stock Exchange Ltd, the council of Nigerian StockÂ Exchange, Mr. Balama Manu and the Inspector General of Police.
The sacked workers in the suit filed at the Lagos High Court claim that they were forcedÂ to sign their letters of resignation and termination of appointment under the watchfulÂ eyes of armed policemen who were drafted to the commission to ensure their compliance.
According to them, on 26 August, at least 32 percent of the NSE workforce was summoned toÂ appear at the Office of the Head of Administration/Human Capital, to sign and acceptÂ their resignation/ termination letters with armed policemen in the office to ensure theirÂ compliance.
They averred that while in that office, they were given the option to either accept theirÂ resignation or have their employment terminated.
The sacked workers in the suit queried the veracity of their sack under the pretence ofÂ â€œrightsizingâ€, saying that immediately after their sack, some new workers have beenÂ engaged by the Exchange.
Describing their sack as an act of intimidation and victimization, the ex-workers averredÂ that due process was not followed in their purported sack.
According to them, since the removal of the formal Director-General of the Exchange Dr.Â Okereke-Onyiuke, was done without recourse to due process, their sack cannot be said toÂ be proper as the interim administration does not have the legal standing to sack them.
They are asking the court to make a declaration nullifying their sack and an orderÂ reinstating them back to their work post.
In the alternative, they are asking the court to compel the Exchange to pay allÂ entitlements and emoluments due to them from the day they were forced to resign untilÂ their appointments are properly determined.
The defendants in the matter are yet to file their response.