Anxiety in CBN over alleged sack of directors

There is anxiety among the management staff of the Central Bank of Nigeria as 19 directors have been issued termination letters.

According to the Nation, while two of the affected directors have accepted their fate, five others are planning to take legal action against the bank for what they consider to be an unlawful termination of their appointments.
Although the apex bank had remained mum on the development, reliable sources within the bank had confirmed the report.
There are no precise details of the reason for the reported sack of the directors.

However, the two directors who quietly accepted their termination also faced a case with the Economic and Financial Crimes Commission, EFCC, due to their implication in the Jim Obazee report.

The termination letters sent to the seven directors cited “reorganizational and human capital restructuring” as the reason for their dismissal, which was in line with the bank’s new strategic direction.

The letters reportedly stated that their services would no longer be required as of Friday, March 15, 2024, and they were instructed to immediately hand over all bank properties to their department’s administrator.

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.

DAILY POST recalls that 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.