Court voids federal mortgage firm’s MD’s sacking, orders payment of entitlement

Justice Oyeyoju Oyewunmi of the National Industrial Court has voided the sacking of the pioneer Managing Director of the Nigeria Mortgage Refinancing Company by the board of the firm in 2017.

The claimant joined the company in November 2014 on a five-year contract following the incorporation of NMRC as a key component of the Nigeria Housing Finance Programme funded under a $300m IDA facility from the World Bank Group.

The former NMRC boss’ tenure was expected to expire in December 2019 but he was removed from office with about two years left in his employment contract.

He challenged his removal at the NIC where he dragged the NMRC and Dr Charles Okeahalam, the board chairman, to.

Ruling in his favour after listening to arguments by his lawyer, Mr Solomon Umoh, (SAN), and Oyebode Aluko for the defendants on Monday, Oyewunmi said the “the board was wrong in removing Inyangete from office.”

He also ordered the board to pay all his entitlement up to the end of his contract.

During Inyangete’s tenure, the NMRC executed the first mortgage-backed bond issuance to the tune of N440bn in July 2015, backed by an conditional guarantee of the Federal Government, amongst other initiatives.

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