CBN Sacks Directors, Begins Reorganization Process

CBN sacks directors numbering nineteen in what seems like the commencement of reorganization process at the apex bank.

Nineteen directors at the Central Bank of Nigeria (CBN) are expected to be relieved of their duties in the upcoming days, following the recent removal of seven directors last Friday.

Two of the dismissed directors have come to terms with their dismissal, while the remaining five are preparing to pursue legal recourse against the bank, alleging that their removal was unjust.

The two directors who lost their jobs without making a fuss are also dealing with a case from the Economic and Financial Crimes Commission (EFCC) because they are involved in the Obaze report.

The letters notifying the seven directors of their termination mentioned that their dismissal was due to a reorganization and restructuring of the workforce to align with the bank’s new strategic focus.

The correspondence expressed that their services would be terminated effective from Friday, 15th March 2024. They were directed to promptly transfer all banking assets under their care to the administrator of their department.

The five directors challenging their dismissal are said to be unhappy, given that no misconduct has been linked to them and they have not been accused of any wrongdoing. One of the affected directors only has under three years remaining in their service tenure.

Meanwhile, a source within the CBN expressed concern over the lack of an exit package for the terminated directors, especially considering their years of service and the absence of any charges or accusations against them.

The source also highlighted the loss of years of institutional knowledge and expertise that would result from the dismissal of these experienced directors.

It has been revealed that the remaining 12 directors who have not received their termination letters are aware of their impending dismissal.

Some staff members have appealed to the management on behalf of the affected directors, requesting that the sack be reconsidered and converted to retirement to allow the directors to receive their allowances.

The situation at the apex bank has sparked discussions and concerns about the impact of the dismissals on the bank’s operations and the fate of the affected directors.

On November 24, 2023, the apex bank reassigned directors to a division under the Governor’s Directorate, FSS 2020, in Maitama, Abuja.

Samuel Chukwuyem Okojere, Abdulmumin Abdulsalam Isa, Dr Elizabeth Amos Kwaghe, Dr Maureen Omolola Chukwurah, and Arinze Stanley were among the directors transferred to the FSS 2020 division.

The development comes after the banks’ controversial relocation of at least 150 employees from the Banking Supervision Department, BSD, one of its 29 departments, to Lagos State.