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CBN To Dismiss 19 Directors Following Recent Termination Of Seven

CBN Set to Dismiss 19 Directors Following Recent Terminations of Seven.

In a significant shake-up at the Central Bank of Nigeria (CBN), 19 directors are slated to be dismissed in the coming days, following the termination of seven directors last Friday.

While two of the terminated directors have quietly accepted their fate, the remaining five are preparing to challenge their dismissal through legal means, alleging that their termination was unlawful.

The two directors who accepted their termination quietly are also embroiled in 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 rationale for their dismissal, aligning with the bank’s new strategic direction. They were instructed to relinquish all bank properties in their possession to their department’s administrator immediately.

However, the five directors contesting their termination are reportedly aggrieved 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, particularly considering their years of service and the absence of any charges or accusations against them.

The source also underscored the loss of 200 years of institutional knowledge and expertise resulting from the dismissal of these experienced directors.


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