CBN Plans To Sack 12 More Directors

The Central Bank of Nigeria (CBN) is reportedly preparing to dismiss twelve directors in the coming days, following the termination of the employment of seven directors last Friday.

Among the terminated directors, two have come to terms with their dismissal, whereas the other five intend to challenge the bank’s decision in court, alleging their removal was wrongful.

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The two directors, who opted not to contest their termination, are currently under scrutiny by the Economic and Financial Crimes Commission (EFCC) for their alleged involvement in the Obaze report.

The five directors contesting their termination are reportedly unhappy as they have not been associated with any misconduct or wrongdoing.

In their termination letters, the seven directors were informed that their dismissal was due to the bank’s new strategic direction, which necessitated “reorganizational and human capital restructuring.”

The letters stated that their services would no longer be required with effect from Friday, 15th March 2024, and they were instructed to hand over all bank properties in their possession to their department’s administrator immediately.

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According to the Nation, it has been disclosed that the remaining twelve directors who have yet to receive their termination letters have knowledge of their impending dismissal.

A source within the CBN expressed concern over the lack of an exit package for the terminated directors, particularly given their lengthy tenure and the absence of any charges or allegations against them.

Additionally, the source emphasized the significant loss of 200 years of institutional knowledge and expertise that would accompany the termination of these seasoned directors.

Certain employees have made appeals to the management on behalf of the directors facing termination, asking for the decision to be rethought and converted to retirement to ensure the directors can access their allowances.