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CBN fires some directors as Cardoso commences reorganization process

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The are reports that the Central Bank of Nigeria (CBN) has sacked at least 5 directors in what seems like the commencement of reorganization process at the apex bank.

Reliable sources familiar with the internal workings of the bank told ThePressNG that the affected officials have already received termination notices since March 15th, 2024.

Although details and reasons for the sack of these top officials still appear quite unclear, sources within the bank revealed that the directors affected include Trade and Exchange Department, Securities Department, Development Finance Department, as well as Purchasing and Support Services Department.

These directors, according to sources, were initially reassigned to FSS 2020, a division of the bank under the Governor’s Directorate located in the Maitama District of Abuja on November 24th, 2023, and kept in a holding pattern for further directives.

Samuel Chukwuyem Okojere, Abdulmumin Abdulsalam Isa, Dr. Elizabeth Amos Kwaghe, Dr. Maureen Omolola Chukwurah, and Mr. Arinze Stanley were among the directors who were transferred to the FSS 2020 division on November 24th of the preceding year.

The sources could not verify whether those being disengaged have been implicated in any wrongdoing.

However, investigations by ThePressNG shows that the affected directors had headed departments of the apex bank under the tenure of Godwin Emefiele, whose activities have been under scrutiny by the current administration.

A source at the corporate communication department who confirmed the disengagements noted that told Nairmetrics that there is no official statement on the development yet.

According to the reports, the news of this impending dismissal has been widely circulated since last Thursday.

The decision still shrouded in confidentiality from the media, has stirred considerable apprehension among CBN staff, who fear it may herald further job cuts under the current management of the banking regulator.

Before this latest development, the CBN had relocated no less than 150 employees from the Banking Supervision Department (BSD), one of its 29 departments, to Lagos. The BSD operates under the Financial System Stability Directorate of the CBN.

The relocation had sparked heated controversy nationwide, with many individuals from northern regions alleging an attempt to displace northern staff from the institution.

However, the CBN dismissed these allegations, maintaining that it was part of a necessary restructuring to ensure thorough onsite examinations of the country’s 24 banks, most of which are headquartered in Lagos. Additionally, the bank cited the need to alleviate congestion at its corporate headquarters.

There have been widespread allegations that political figures abused their privileges during the Buhari Administration to secure positions for their relatives in the CBN, resulting in redundancies. Consequently, many staff found themselves without proper office space or equipment, such as chairs and desks, at the bank’s headquarters.

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