CBN sacks 5 directors amid restructuring

The Central Bank of Nigeria (CBN) has reportedly terminated the appointments of at least 5 directors, marking the beginning of a reorganisation process within the apex bank.

According to sources close to the bank, the affected directors received termination notices starting from March 15th, 2024.

While specific details and reasons for the sackings remain unclear, it has been reported by online news platform Nairametrics that the directors affected held positions in various departments including the Trade and Exchange Department, Securities Department, Development Finance Department, and Purchasing and Support Services Department.

The directors in question 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. They were reportedly kept in a holding pattern for further directives.

Among the directors transferred to the FSS 2020 division on November 24th, 2023, were Samuel Chukwuyem Okojere, Abdulmumin Abdulsalam Isa, Dr. Elizabeth Amos Kwaghe, Dr. Maureen Omolola Chukwurah, and Mr. Arinze Stanley.

According to business news platform, the sources could not verify whether those being disengaged have been implicated in any wrongdoing.

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.

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.