CBN Shakeup: 19 Directors Face Dismissal Amid Controversy, Legal Challenges

The Central Bank of Nigeria (CBN) is poised to initiate the dismissal of nineteen directors in the coming days, marking a significant overhaul after the recent ousting of seven directors last Friday.

Of the dismissed directors, two have accepted their fate, while the remaining five are gearing up to contest their termination, citing perceived unfairness.

Adding complexity to the situation, the two directors who accepted their dismissal are also facing scrutiny from the Economic and Financial Crimes Commission (EFCC) due to their involvement in the Obaze report.

The termination letters cited a reorganization and restructuring initiative aimed at realigning the workforce with the bank’s evolving strategic direction as the rationale behind the dismissals. Effective from Friday, 15th March 2024, the letters instructed the directors to swiftly transfer all banking assets under their jurisdiction to the department administrator.

Meanwhile, the five directors contesting their dismissal express dissatisfaction, asserting that they have not been implicated in any misconduct and have not faced accusations of wrongdoing. Notably, one of the affected directors has less than three years remaining in their service tenure, intensifying concerns about the fairness and implications of the dismissals.