CBN sacks 14 top officials, 5 directors

Indication are that Central Bank of Nigeria has sacked nineteen top officers of the bank including some directors. Although fillers from the apex bank are scathing, source at the bank confirmed that some Directors have been asked to go and that the sacked top CBN officials are not all directors. The source however said that seven directors affected were given letters of termination last Friday. According to the source 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 “reorganisational 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.