CBN to Dismiss 19 Directors, Gives Reason

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.

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.