The Central Bank of Nigeria (CBN) has announced that at least eight directors are slated to receive early retirement notices from the apex bank this week. The impending move has sparked widespread concern among CBN staff and raised questions about the transparency of the process.
Sources familiar with the matter reveal that the affected directors, some of whom were previously redeployed to the FSS 2020 arm of the bank under the Governor’s Directorate, are being asked to exit the CBN. While some directors have reportedly already been served with disengagement letters, the terms of their departure remain unclear.
The decision to dismiss these officials, according to insider reports, is purportedly linked to their close association with the former CBN governor, Mr. Godwin Emefiele. However, there is no confirmation of any wrongdoing or specific reasons for the dismissals.
This latest development comes on the heels of a controversial relocation of 150 staff from the Banking Supervision Department to Lagos, which had elicited allegations of regional bias. The CBN defended the move as part of a restructuring effort to enhance operational efficiency and address logistical challenges.
The affected directors, facing uncertain futures, have expressed mixed reactions. While some contemplate legal challenges, others have resigned themselves to the decision, citing a toxic work environment at the CBN.
Speculation abounds regarding potential replacements for the dismissed directors, with retired Assistant Inspector General (AIG) Hakeem Odumosu rumoured to be a contender for the Director of Security position.
The genesis of this action traces back to the new CBN governor’s purported intention to dismiss directors closely associated with the previous administration. Initially thwarted due to legal constraints, the governor opted instead to transfer the directors to less prestigious roles within the bank.
Criticism has also been directed at the redeployment of highly skilled staff to roles where their expertise is underutilised. Concerns have been raised over the suitability of replacements lacking requisite experience for their new roles.
Furthermore, nearly 100 staff members from the Financial Policy Regulation Department are expected to relocate to Lagos, adding to the upheaval within the institution.
Despite repeated attempts to seek clarification from the CBN’s Corporate Communication department, no official response has been forthcoming. Likewise, none of the affected directors have been willing to comment on the record regarding the situation.
As the controversy unfolds, stakeholders await further developments within the CBN, mindful of the potential implications for the institution’s stability and governance.
