JUST IN: Massive Layoffs As CBN Moves To Sack Many Directors, Gives Date

Nineteen directors at the Central Bank of Nigeria (CBN) are slated for dismissal 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 preparing to take legal action against the bank, alleging unlawful termination of their appointments.

The two directors who quietly accepted their termination are also facing a case with the Economic and Financial Crimes Commission (EFCC) due to their involvement in the Obaze report.

The termination letters sent to the seven directors cited “reorganizational and human capital restructuring” as the reason for their dismissal, aligning with the bank’s new strategic direction. The letters stated that their services would cease from Friday, 15th March 2024, and they were instructed to promptly hand over all bank properties to their department’s administrator.

The five contesting directors are reportedly dismayed as no wrongdoing has been attributed to them, and they have not been implicated in any misconduct. One of the affected directors has just two years and two months left in service.

A source within the CBN expressed concern over the lack of an exit package for the terminated directors, considering their years of service and the absence of any charges or accusations against them. The source also highlighted the loss of 200 years of institutional knowledge and expertise resulting from the dismissal of these experienced directors.

It has been revealed that the remaining 12 directors yet to receive termination letters are aware of their impending dismissal.

Some staff members have appealed to the management on behalf of the affected directors, urging reconsideration of the sack and its conversion to retirement to enable the directors to receive their allowances.

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.