Anastasia Ogele Idodo

                                                                     SETTLEMENT AGREEMENT                                                                    between CENTRAL BANK OF NIGERIA and TUNDE AKINLUSI PREPARED BY: OLATUNDE ADEJUYIGBE & CO. SETTLEMENT AGREEMENT THIS AGREEMENT is made this           day of            2019 BETWEEN CENTRAL BANK OF NIGERIA of Plot 33, Abubakar Tafawa Balewa Way, Central Business District, Cadastral Zone, Abuja (hereinafter referred to as the “Bank”) of the one part; AND TUNDE AKINLUSI of No. 23 Tomisin Olarewaju Street, Okeoriya, Ikorodu, Lagos State (hereinafter referred to as “Mr Akinlusi”) of the other part. WHEREAS: I. Mr Akinlusi’s employment was terminated with the Central Bank of Nigeria vide a letter of termination dated 20th May, 1993 sequel to the recommendation of the Bank’s Central Disciplinary Committee. Aggrieved by the termination of his employment, Mr Akinlusi instituted an action before the High Court of Lagos State, vide a Writ of Summons filed on 2nd February, 1994 seeking the following reliefs: a. A declaration that the termination of his employment by the Bank is unconstitutional. b. An order re-instating him as the termination of his employment was unlawful, unconstitutional and wrongful. c. The sum of N24,205.08 (Twenty-Four Thousand Two Hundred and Five Naira, Eight Kobo) per annum as his annual salary starting from 15th June, 1992 until judgment is given. d. The sum of N75,000.00 (Seventy-Five Thousand Naira only) furniture grant Mr Akinlusi ought to have enjoyed if his employment had not been terminated. e. The sum of N200,000.00 (Two Hundred Thousand Naira only) as general damages. II. The trial court granted all the reliefs sought by Mr Akinlusi except the claim for reinstatement. Dissatisfied, the Bank appealed to the Court of Appeal whilst Mr Akinlusi filed a Cross-Appeal against that part of the judgment of the trial Court refusing to grant his relief for reinstatement. III. The Bank’s Appeal before the Court of Appeal was struck out while Mr Akinlusi’s Cross-Appeal succeeded. IV. Further dissatisfied with the decision of the Court of Appeal, the Bank appealed to the Supreme Court and challenged the jurisdiction of the trial Court to entertain the suit ab initio, in view of the provisions of the Constitution (Suspension and Modification) Decree 107 of 1993 and Section 230 of the 1979 Constitution of the Federal Republic of Nigeria. V. Terms of Settlement dated 28th February, 2019 was filed by the Parties on 11th March, 2019 at the Supreme Court. AND WHEREAS the parties to this agreement are desirous of an amicable settlement of their dispute. NOW THIS AGREEMENT WITNESSES AS FOLLOWS: a. That both the Bank and Mr Akinlusi undertake to be bound by the terms herein stated in this Agreement. b. That Mr Akinlusi be paid all his entitlements up to 30th June, 2011. c. That Mr Akinlusi’s accrued pension benefits be calculated from 1st July, 2011 to date and subsequently. d. That Mr Akinlusi be enrolled on the Bank’s pensioners’ payroll to enjoy (c) above with effect from 1st July, 2011. e. That this Settlement Agreement shall apply to the pendency and/or outcome of any judicial proceedings and the terms of this Settlement Agreement will continue to remain in force. SCHEDULE TO SETTLEMENT AGREEMENT a. The Terms of Settlement dated 28th February, 2019 and filed on 11th March, 2019 between the Bank and Mr Akinlusi is a schedule to this Settlement Agreement. IN WITNESS WHEREOF the parties herein have executed this Agreement on the date and year first above written. Signed, Sealed and Delivered by the within named Bank: ---------------------------------------------------------------------- J. O. Akinkunmi Umma Aminu Dutse (Director, Legal Services, CBN) (Director, Human Resources, CBN) Signed, Sealed and Delivered by the within named Mr Akinlusi: ------------------------------ In the presence of: Name: ------------------------------ Address: ------------------------------ Occupation:------------------------------ Signature: ------------------------------ SCHEDULE Terms of Settlement dated 28th February, 2019