Full List: CBN Sacks Top Directors, Over 300 Staff, Gives Reasons

• The Central Bank of Nigeria (CBN) has dismissed several high-ranking directors and workers
• Reports indicate that an entire department was cleaned out, and many other departments were left with few staff
• A letter from the CBN to one of the affected staff provided an explanation for the latest round of staff disengagement

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

The Central Bank of Nigeria, led by Olayemi Cardoso, continued its promised in-house clean-up exercise upon assuming office.

On Friday, May 24, 2024, news broke that more than 300 employees of the CBN had been sacked between Thursday and Friday.

A report states that up to seven directors and well over 90 senior management staff were relieved of their jobs.

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CBN gives reasons for sack in a letter to staff

The most affected staff is in the CBN's governor’s directorate department, while the entire staff of the economic intelligence unit, whose role is basically to carry out quiet investigations in the bank, was all cleared.

The latest move, which brings the total number of affected staff to nearly 600.

A letter signed by the Director, Human Resources Department. seen by BusinessDay addressed to one of the affected staff reads:

"Re-Organisation: The new strategic direction of the Bank has been widely publicised. In line with our new mission and vision, the Bank is currently undergoing a significant organisational and human capital restructuring process.

“As a result of this review, I have been directed to notify you that your services will not be required with effect from Friday, May 24, 2024.

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“Your final entitlements will be calculated and paid to you in due course. Thank you.”

Legit.ng reported that since taking office, the CBN governor has embarked on a clean-up exercise, sacking directors employed under Godwin Emefiele, the former CBN governor, and announcing the relocation of some of its departments to Lagos.

List of CBN staff sacked

According to Dailytrust here are some of the names of directors asked to leave.

• 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

CBN stops daily CRR debits of Access, others

Earlier, Legit.ng reported that the CBN announced stopping daily Cash Reserve Requirement (CRR) debits for banks.

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The apex bank said it would adopt an updated CRR mechanism intended to facilitate banks' capacity for planning, monitoring and aligning with records with the CBN.

This was disclosed in a letter addressed to all banks and signed by Adetona Adedeji, the acting director of the banking supervision department.

Source: Legit.ng