Disquiet as Cardoso begins cleansing at CBN, eases out Directors

VOICE AIR MEDIA, VAM News Update

Barring any last minute changes, at least eight directors at the Central Bank of Nigeria (CBN) would be served early retirement letters from the apex bank this week. These directors, some of whom were initially redeployed to an arm of the bank, FSS 2020 under the Governor’s Directorate, whose office is located in the Maitama District of Abuja since 24th November 2023, and kept in a sort of pool to await “further directives”, are being asked to exit the CBN.

Knowledgeable sources within the bank indicate that some had already been served the disengagement letters since Friday, 15th March, 2024, but could not state clearly under what terms were those affected disengaged. “We don’t know whether they were given early retirement or their appointments were terminated outright”, said one of our sources.

Similarly, our sources could not confirm if those being served early retirement letters have been found guilty of any offences. The main reason for the sack of the affected officials, according to most of our sources, was “because they had worked very closely with the immediate past governor of the bank, Mr. Godwin Emefiele”.

The news of this planned sack has been widespread since Thursday last week. The decision, which is still being treated with confidentiality from the media, has raised great concern amongst staff of the CBN, who fear that it could be a prelude to more layoffs by the current management of the banking regulator.

VOICE AIR MEDIA VAM understands that some of the directors who were asked to go worked under the embattled Godwin Emefiele, former CBN governor.

Prior to this latest development, the apex bank had relocated no fewer than 150 staff of the Banking Supervision Department (BSD), which is one of the 29 departments of the bank to Lagos. The BSD is under the Financial System Stability Directorate of the CBN.

The CBN had also relocated more than 1,000 staff to its Lagos office, citing need to align the bank’s structure with its functions and objectives and redistribute skills to ensure a more even geographical spread of talent.

CBN authorities had claimed that the bold move which was highly been criticized was also to decongest its head office, in compliance with building regulations, as indicated by repeated warnings from the facility manager, and the findings and recommendations of the Committee on Decongestion of the CBN Head quarters.

A memo issued to the redeployed staff at the time read, “This is to notify all staff members at the CBN Head Office that we have initiated a decongestion action plan designed to optimise the operational environment of the Bank.

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