CBN to sack 19 directors

• Two directors who accepted their termination quietly are also facing a case with the Economic and Financial Crimes Commission (EFCC) due to their implication in the Obaze report

Nineteen directors at the Central Bank of Nigeria (CBN) are set to be dismissed in the coming days, following the recent termination of seven directors last Friday.

While two of the terminated directors have accepted their fate, the other five are planning to take legal action against the bank for what they consider to be an unlawful termination of their appointments.

The two directors who accepted their termination quietly are also facing a case with the Economic and Financial Crimes Commission (EFCC) due to their implication in the Obaze report.

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

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.

The five directors who are contesting their termination are reportedly upset as no wrongdoing has been attributed to them, and they have not been implicated in any misconduct. One of the directors affected has just two years and two months left in service.

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 200 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 are yet to receive their termination letters are aware of their impending dismissal.

Some staff members have made appeals 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 CBN has sparked discussions and concerns about the impact of the dismissals on the bank’s operations and the fate of the affected directors.