CBN Layoffs Hit About Eight Directors and Counting

The apex bank has issued early retirement letters to eight Central Bank of Nigeria (CBN) directors. Some retired directors were initially redeployed to the development of the bank, FSS 2020, under the Governor's Directorate, whose office is located in the Maitama District of Abuja, from November 24th, 2023.

Some sources said that some directors had been given the letters since Friday, March 15th, 2024. However, the sources did not clearly state what led to the disengagement. One source said, "We don't know whether they were given early retirement or their appointments were terminated outright."

One source said the affected officials were sacked "because they had worked very closely with the immediate past governor of the bank, Mr. Godwin Emefiele."

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Before the development, the CBN relocated 150 staff from the Banking Supervision Department (BSD), one of the bank's 29 departments, to Lagos. The BSD is under the Financial System Stability Directorate of the CBN.

The relocation stirred up heated arguments nationwide, as many said it was a way to remove northern staff from the institution.

Following the reaction, the CBN said that the development was part of a proper reorganisation of the bank to ensure that the regular onsite examination of the 24 banks in the country was diligently carried out since most of those national and regional banks are headquartered in Lagos.

During the weekend, some of the directors affected by the latest action of the current management of the CBN have threatened to challenge the decision, while others have said they will accept the sack as the CBN has become a 'poisonous working environment.'

Speaking to the news media, one affected director who pleaded anonymity said, "We thank God for the time we spent and the impact that we have made. I will not challenge it. Once my letter is handed to me tomorrow (today), I will gladly take a walk. Life goes on."

Also, there are reports that the CBN governor is considering outsiders to replace some of the sacked directors. One of the people allegedly penciled down to take over as Director of Security is retired Assistant Inspector General (AIG) Hakeem Odumosu, who was once commissioner of police in Lagos State. 

It was reported that as soon as Cardoso came, he immediately wanted to sack all the directors identified as "quite close" to Emefiele.

However, that move was halted when he was advised against such action because those officers were not political appointees. "So, they could not be sacked at will, as was the case of the Acting Governor, Mr. Folashodun Shonubi, and all his deputies," one of our sources said.

Sources disclosed further that since the new CBN governor could not sack the directors outright, he decided to transfer virtually all of them out of the headquarters in November 2023.

The FSS 2020 is often seen as a less prestigious posting within the CBN, and the redeployment of the eight directors has been likened to being sent to "Siberia."

Among the directors who transferred to the FSS 2020 on November 24th last year were Samuel Chukwuyem Okojere and Abdulmumin Abdulsalam Isa, Ph.D.; Dr. Elizabeth Amos Kwaghe; Dr. Maureen Omolola Chukwurah; and Mr. Arinze Stanley, while Mr. Philip Yila Yusuf was moved to that office on October 26th, 2023.

Daily Trust investigation revealed that in the latest transfers done by Cardoso, Dr. Mahmoud Hassan, formerly of the Monetary Policy Department, now heads the Trade and Exchange Department, and the former Director of Human Resources, who has been moved to Capacity Development.

It's also been reported that over 100 Financial Policy Regulation Department staff under the Financial System Stability Directorate have been notified that they will relocate to Lagos by April 29th, 2024.