Disquiet at CBN as Cardoso Retires Emefiele’s Directors

In a move causing disquiet within the Central Bank of Nigeria (CBN), at least eight directors are slated to receive early retirement letters this week. These directors, some initially redeployed to the FSS 2020 arm of the bank under the Governor’s Directorate, are now being asked to exit the CBN.

Sources within the bank revealed that while some directors were served disengagement letters on Friday, March 15, 2024, the exact terms of their departure remain unclear. It’s speculated that their proximity to the former CBN Governor, Mr. Godwin Emefiele, is a primary reason for their dismissal.

The news of the planned sack has stirred concern among CBN staff, who fear it may precede further layoffs under the current management. Previously, the bank relocated approximately 150 staff members from the Banking Supervision Department to Lagos, sparking controversy amid allegations of regional bias.

While the CBN has not officially commented on the recent dismissals, it’s reported that some affected directors are considering legal action, while others have accepted the decision, citing a toxic work environment.

There are indications that the CBN governor may appoint external candidates to replace some of the sacked directors. Among those rumored for appointment is retired Assistant Inspector General (AIG) Hakeem Odumosu, former Lagos State Commissioner of Police.

The decision to retire these directors was reportedly hatched shortly after the current governor’s assumption of office, with an initial attempt to dismiss them outright thwarted due to their non-political appointment status. Instead, they were transferred to the less prestigious FSS 2020 arm of the bank, akin to being sent to “Siberia.”

Questions have been raised about the suitability of this redeployment, with concerns about replacing experienced personnel with individuals lacking relevant expertise. For instance, medical executive Dr. Maureen Omolola Chukwurah, with over 20 years of experience, was redeployed despite her significant contributions during the COVID-19 pandemic.

Similarly, Mr. Samuel Okojere, who played crucial roles in various bank initiatives, found himself transferred to FSS 2020. The decision to reassign personnel with little regard for their expertise has left many staff members unsettled.

Despite repeated attempts to reach the CBN for comment, the Acting Head Corporate Communication, Mrs. Hakama Sidi-Ali, has remained unresponsive. Likewise, those affected by the dismissals have declined to speak on the record.

The situation at the CBN continues to evolve amid speculation over the motives behind the recent retirements and the potential impact on the bank’s operations.