Kennedy Nwaruh, the former Executive Director of Nigeria Incentive-Based Risk Sharing System for Agricultural Lending Plc, has been ordered by the Federal High Court in Lagos to receive N1,082,160,500 in unpaid allowances, entitlements, and terminal benefits.
Additionally, Justice Alexander Owoeye granted the claimant N10 million in costs against the firm.
On April 20, 2026, Justice Owoeye rendered a decision in the lawsuit designated FHC/L/CS/1394/2025, ruling that Nwaruh had effectively proven his claims against the banking institution.
The judge declared, “The claimant has presented sufficient evidence before this court to justify the reliefs sought.”
Through his attorney, Olamide Balogun, Nwaruh had petitioned the court for a number of declarations and orders contesting his dismissal as executive director and the purported nonpayment of his rights by NIRSAL Plc.
He claimed that he was entitled to notice of the August 30, 2024, Extraordinary General Meeting, which purportedly resulted in his dismissal and the dissolution of the company’s board.
In his original summons, the claimant argued that “the defendant’s failure to give notice of the meeting renders the decisions taken therein invalid, null and void.”
He insisted that his appointment was for a definite term that could not be terminated early, and he further requested that the court strike aside the resolutions of the aforementioned meeting and restore him to his position.
“The claimant is entitled to the full emoluments of the unexpired tenure if a fixed-term appointment is terminated unilaterally,” he asserted.
In addition, Nwaruh sought N213,412,500 in terminal benefits, N868,758,000 in unpaid allowances for the remaining time of his employment, N50 million in legal fees, and 10% post-judgment interest.
Through its attorney Ayodeji Oshin, NIRSAL filed a preliminary objection contesting the court’s jurisdiction, claiming that the issue was solely a labor and employment dispute.
The company urged the court to dismiss the complaint in its entirety, arguing that “the Federal High Court lacks jurisdiction to entertain this suit as it relates to employment and labor issues.”
It further argued that the lawsuit touched on internal business and employment issues that were outside the court’s purview.
Justice Owoeye, however, rejected the objection, ruling that the court had the authority to consider the case given the gravity of the allegations made.
The judge declared, “The preliminary objection lacks merit and is hereby dismissed.”
After rejecting the objection, the court accepted almost all of the claimant’s requests for relief, with the exception of lowering the suit’s cost to N10 million.