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Economy: CBN begins restructuring with sack of Directors, other top officials

*The Central Bank of Nigeria is reported to have sacked five Directors, and 14 other top officials in a move by the Dr. Olayemi Cardoso-led Management to reposition the country’s  banking sector regulator

Isola Moses | ConsumerConnect

As the West African country’s banking sector regulator reportedly activates a restructuring process, there are indications that the Central Bank of Nigeria (CBN) has sacked at least five Directors, and other top officials.

ConsumerConnect gathered about 19 top officials, including five Directors of the Bank, have been retired in a move by the Dr. Olayemi Cardoso-led leadership to reposition the CBN since he assumed office last year.

The affected top officials, especially Directors, have already received termination notices since Friday, March 15, 2024, sources close to the Bank said.

Report citing competent sources with the CBN also disclosed that the affected Directors include those of Trade and Exchange Department, Securities Department, Development Finance Department, and Purchasing and Support Services Department.

Hitherto, the affected Directors were initially reassigned to FSS 2020, a division of the Bank under the Governor’s Directorate, located in the Maitama District of Abuja, FCT, way back on November 24, 2023, and kept in “a holding pattern” for further directives, sources noted.

Specifically, report indicated that Samuel Chukwuyem Okojere, Dr. AbdulMumin Isa, Dr. Elizabeth Amos Kwaghe, Dr. Maureen Omolola Chukwurah, and Mr. Arinze Stanley were among the Directors that were transferred to the FSS 2020 division of the Bankers’ Bank November 24 last year.

The Bank as well has relocated about 150 staff from the Banking Supervision Department (BSD), one of its 29 Departments, to Lagos as part of the ongoing reorganisation.

Meanwhile, the CBN’s decision to relieve its top officials of their jobs, though still shrouded in confidentiality from the media, has stirred considerable apprehension among the banking regulator’s staff, who fear the move may result in further job cuts under the current Management of the Bank.

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