Cardoso-led CBN Sacks Directors, Emefiele’s Appointees Affected
- The CBN has started the gradual cleansing of top bank directors employed by the former governor of the CBN, Godwin Emefiele
- The exercise started on Friday and has raised concerns in the bank as there's been a high level of uncertainty in the system
- There are indications that the disengagement is probably happening in waves, and at least eight directors will be affected
Legit.ng journalist Zainab Iwayemi has over three years of experience covering the Economy, Technology, and Capital Market.
With the departure of some of the directors, there are signs that Olayemi Cardoso has started what is perceived as a gradual cleansing at the top bank.
Source: UGC
According to BusinessDay, a few of the directors who were asked to leave were employed by the former governor of the CBN, Godwin Emefiele.
A close associate of one of the directors who wished to remain anonymous said the dismissal was not so much a retirement as an outright firing.
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The disengagement, which started last Friday, has terrified employees at the top bank because they are concerned about the current high level of uncertainty in the system.
The source said:
“What was written in their letters is termination, not retirement.Every day you come in, you see something else.
“Not the best of times to be in this bank.”
Although the exact number of directors impacted is unknown, insiders speculate that the disengagement is probably happening in waves.
Based on earlier estimates, this week is expected to see the mandatory retirement of at least eight bank directors.
Recall that late last year, Cardoso transferred several of the directors to the bank's FSS 2020 unit, which is overseen by the governor but has its headquarters in one of Abuja's affluent neighbourhoods, the Maitama District.
In addition, the CBN moved over a thousand employees to its Lagos headquarters, claiming the necessity to realign the bank's organisational structure with its goals and functions and to reallocate capabilities to guarantee a more equitable distribution of talent across geographies.
According to CBN officials, the daring move that drew harsh criticism was also intended to decongest the organisation's head office by building codes, as demonstrated by the facility manager's repeated warnings and the conclusions and suggestions 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.”
Nigerian bank sends message to customers
Legit.ng reported that Union Bank has sent a clear message to customers about the funds in their bank accounts amid ongoing management reshuffling by the CBN.
Legit.ng had reported that the CBN, on Wednesday, January 10, 2023, sacked the entire board of directors governing Polaris, Union, and Keystone Banks.
The action followed the recommendation of the special investigator, Jim Obazee, appointed by President Bola Tinubu.
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Source: Legit.ng
