Central Bank of Nigeria Set to Dismiss Twelve Directors Amid Controversy

The Central Bank of Nigeria (CBN) is reportedly set to dismiss twelve directors in the coming days, following the recent termination of employment for seven directors last Friday.

Of the terminated directors, two have accepted their dismissal, while the other five plan to challenge the decision in court, alleging wrongful removal.

The two directors not contesting their termination are currently under investigation by the Economic and Financial Crimes Commission (EFCC) for their alleged involvement in the Obaze report. On the other hand, the five directors contesting their dismissal claim they have not been associated with any misconduct.

The termination letters cited the bank’s new strategic direction as the reason for dismissal, requiring “reorganizational and human capital restructuring.” The terminated directors were instructed to hand over all bank properties immediately.

According to sources, the remaining twelve directors are aware of their impending dismissal but have yet to receive their termination letters.

There is concern within the CBN over the lack of an exit package for the terminated directors, especially given their lengthy tenure and the absence of charges or allegations against them. The termination would result in a significant loss of institutional knowledge and expertise totaling 200 years.

Some employees have appealed to management on behalf of the directors facing termination, requesting the decision be reconsidered and converted to retirement to ensure the directors can access their allowances.

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