The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has initiated a significant restructuring by sacking 25 of the 29 directors he inherited upon his appointment.
This move, which has raised eyebrows within the financial sector, is part of Cardoso’s strategy to reorganize the apex bank.
Reports show that the remaining four directors recently retired after reaching the statutory retirement age of 60.
The directors who were relieved of their duties were in charge of various strategic departments within the CBN.
Among the directors who retained their positions are Rashida Jumoke Monguno (Corporate Secretariat), Aderinola Shonekan (Research), Omolara Duke (Financial Markets), Jimoh Musa Itopa (Capacity Development), Muhammad Abba (Human Resources), Rabiu Musa (Finance), Sirajuddin Kofo Salam-Alada (Legal Services), Blaise Ijebor (Risk Management), and Lydia I. Alfa (Internal Audit).
Senior officials at the CBN revealed that plans are underway to recruit new directors from outside the institution.
“Why are the departments still being manned by departmental coordinators more than three months after the sack of the substantive directors?” one official questioned.
Another source commented, “Since his appointment, no director has been appointed.
He has kept all vacant departments under the leadership of acting directors.”
The shake-up follows a series of staff dismissals at the CBN.
Since March, over 600 staff members have been laid off.
On May 24 alone, more than 300 employees were dismissed, marking the third round of layoffs at the bank.
Between March 15 and April 11, 2024, over 117 staff members were sacked as part of efforts to reorganize the bank.
Below is a list of some of the directors affected by Cardoso’s restructuring:
Dr. Blaise Ijebor, Director, Risk Management
Dr. Mahmud Hassan, Director, Trade & Exchange
Dr. Ozoemena S. Nnaji, Director, Statistics
Chibuike D. Nwaegerue, Director, Other Financial Institutions Supervision
Chibuzo A. Efobi, Director, Payments System Management
Haruna Bala Mustafa, Director, Financial Policy and Regulation
Rakiya Shuaibu Mohammed, Director, Information Technology
Benjamin Nnadi, Director, Reserve Management
Sourced from “Daily Trust”
