CBN Boss, Cardoso Set to Dismiss 19 More Directors

Nineteen directors at the Central Bank of Nigeria (CBN) are expected to be relieved of their duties in the upcoming days, following the recent removal of seven directors last Friday.

Two of the dismissed directors have come to terms with their dismissal, while the remaining five are preparing to pursue legal recourse against the bank, alleging that their removal was unjust.

The two directors who lost their jobs without making a fuss are also dealing with a case from the Economic and Financial Crimes Commission (EFCC) because they are involved in the Obaze report.

The letters notifying the seven directors of their termination mentioned that their dismissal was due to a reorganization and restructuring of the workforce to align with the bank’s new strategic focus.

The correspondence expressed that their services would be terminated effective from Friday, 15th March 2024. They were directed to promptly transfer all banking assets under their care to the administrator of their department.

The five directors challenging their dismissal are said to be unhappy, given that no misconduct has been linked to them and they have not been accused of any wrongdoing. One of the affected directors only has under three years remaining in their service tenure.

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