In the forthcoming days, the Central Bank of Nigeria (CBN) is expected to dismiss nineteen directors, following the recent termination of seven directors last Friday. While two of the dismissed directors have acquiesced to their fate, the remaining five are contemplating legal action against the bank, deeming their termination unlawful.
Those who accepted their termination quietly are now embroiled in a case with the Economic and Financial Crimes Commission (EFCC) due to their implication in the Obaze report.
The termination letters sent to the seven directors cited “reorganizational and human capital restructuring” as the rationale behind their dismissal, aligning with the bank’s new strategic objectives. Effective from Friday, 15th March 2024, the letters informed the recipients that their services were no longer required and instructed them to promptly surrender all bank properties in their possession to their department’s administrator.
The five directors contesting their termination express discontent as they have not been implicated in any wrongdoing or misconduct. One of the affected directors has merely two years and two months remaining in service.
A source within the CBN has voiced concern over the absence of an exit package for the terminated directors, especially given their years of service and the lack of any charges or accusations against them.
