CBN: Mass Sack of Directors Triggers Anger In Apex Bank

The Central Bank of Nigeria, CBN, has terminated the appointment of more directors of the government owned bank.

Last week, the Yemi Cardoso-led apex was said to have served some directors with letters of termination of appointment.

Those affected were believed to have worked in the bank for more than 20 years or more, but now asked to go home.

They are now angry that in spite of putting in those years, the new management has decided to relieve them of their appointment, with or without severance benefit.

According to sources privy to the issue, some of the directors have been asked to go without pay because they were allegedly indicted by Jim Obaze, the Special Investigator appointed last year by President Bola Ahmed Tinubu to probe Godwin Emefiele, a former CBN governor.

Obaze submitted a damning report last December to the president which indicted some top officials of the bank, including former Deputy Governors and some departmental directors.

While the deputy governors have since been sacked from their positions, some directors who were indicted in the report are still holding on to their positions, according to sources in the bank.

The sacked directors are now refusing to go without putting up a fight. They are trying to contest their sack in the court, because they believed that they have not committed any offence to warrant their exit from the bank.

The affected directors, according to the sources, have the sympathy of their colleagues who consider the termination of their appointment to be unfair, particularly on the basis that some of them have not been indicted by the presidential investigator.

“Their grouse is that no cogent reason was stated in the letter for the termination of their appointment. These are high profile officials who have served the bank for many years, and are now asked to go because a new CBN governor is in office,’ a source told the magazine on Monday.