Mr. Yemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), has fire five top directors in a move that seems connected to re-organize and reposition the Economy.
They are; Samuel Chukwuyem Okojere, Abdulmumin Abdulsalam Isa, Dr. Elizabeth Amos Kwaghe.
Others include; Dr. Maureen Omolola Chukwurah, and Mr. Arinze Stanley Records has it, that they were among the directors transferred to the FSS 2020 division on November 24th of the preceding year.
Reliable sources familiar with the internal workings of the bank said, that the affected officials have already received termination notices since March 15th, 2024.
Although details and reasons for the sack of these top officials still appear quite unclear, it may not be unconnected to the reorganization process at the apex bank.
According sources within the bank, the directors affected include Trade and Exchange Department, Securities Department, Development Finance Department, as well as Purchasing and Support Services Department.
These directors, according to sources, were initially reassigned to FSS 2020, a division of the bank under the Governor’s Directorate located in the Maitama District of Abuja on November 24th, 2023, and kept in a holding pattern for further directives.
The sources, could not verify whether those being disengaged have been implicated in any wrongdoing.
However, investigations shows that the affected directors had headed departments of the apex bank under the tenure of Godwin Emefiele, whose activities have been under scrutiny by the current administration.
A source at the corporate communication department who confirmed the disengagements noted that there is no official statement on the development yet.
According to the reports, the news of this impending dismissal has been widely circulated since last Thursday.
Meanwhile, the decision still shrouded in confidentiality from the media, has stirred considerable apprehension among CBN staff, who fear it may herald further job cuts under the current management of the banking regulator.
Recall that before this latest development, the CBN had relocated no less than 150 employees from the Banking Supervision Department (BSD), one of its 29 departments, to Lagos. The BSD operates under the Financial System Stability Directorate of the CBN.
The relocation had sparked heated controversy nationwide, with many individuals from northern regions alleging an attempt to displace northern staff from the institution.
However, the CBN dismissed these allegations, maintaining that it was part of a necessary restructuring to ensure thorough onsite examinations of the country’s 24 banks, most of which are headquartered in Lagos. Additionally, the bank cited the need to alleviate congestion at its corporate headquarters.
There have been widespread allegations that political figures abused their privileges during the Buhari Administration to secure positions for their relatives in the CBN, resulting in redundancies.
Consequently, many staff found themselves without proper office space or equipment, such as chairs and desks, at the bank’s headquarters.
This is a good move by the Governor as long as it will engender efficiency and impact positively on the economy.