CBN Lays off Top Officials In Reorganisation Bid

Not less than 19 top officials in the Central Bank of Nigeria(CBN) have been retired in a move by the Dr Olayemi Cardoso-led apex bank at reorganisation with at least five directors shown the door.

Reports state that the affected officials had received their discharge letters last weekend.

The CBN had late last year transferred some directors from various departments to the FSS 2020 division and also had relocated no less than 150 employees from the Banking Supervision Department (BSD), one of its 29 departments, to Lagos.

Although details and reasons for the sack of these top officials still appear quite unclear, sources within the bank revealed that 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.

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Samuel Chukwuyem Okojere, Abdulmumin Abdulsalam Isa, Dr. Elizabeth Amos Kwaghe, Dr. Maureen Omolola Chukwurah, and Arinze Stanley were among the directors who were transferred to the FSS 2020 division on November 24th of the preceding year.

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.