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Central Bank of Nigeria Terminates 19 Directors, Sparking Concerns

There is a sense of unease among the management staff of the Central Bank of Nigeria as 19 directors have received termination letters. As reported by the Nation, while two of the affected directors have accepted the decision, five others are considering legal action against the bank, viewing their dismissals as unlawful....CONTINUE READING

Though the apex bank has not officially commented on the matter, credible sources within the institution have confirmed the news.

The precise reasons for the reported dismissals are not yet clear.

However, the two directors who quietly accepted their terminations were also under scrutiny by the Economic and Financial Crimes Commission (EFCC) due to their involvement in the Jim Obazee report.

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The termination letters sent to these seven directors cited “reorganizational and human capital restructuring” as the basis for their dismissal, aligning with the bank’s new strategic direction.

The letters reportedly indicated that their services would cease as of Friday, March 15, 2024, and they were instructed to promptly hand over all bank assets to their department’s administrator.

In the meantime, a source from within the CBN has expressed concern about the lack of an exit package for the terminated directors, particularly considering their years of service and the absence of any formal charges against them.

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The source also pointed out the loss of valuable institutional knowledge and expertise resulting from the dismissal of these seasoned directors.

It has been disclosed that the remaining 12 directors, who have not yet received termination letters, are aware of the impending changes.

Some staff members have appealed to the management on behalf of the affected directors, urging for a reconsideration of the terminations and the possibility of converting them to retirements to enable the directors to receive their entitlements.

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

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

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

This development follows the controversial relocation of at least 150 employees from the Banking Supervision Department (BSD), one of its 29 departments, to Lagos State.