CBN Reportedly Set to Retire Eight Directors Hired Under Emefiele

The Central Bank of Nigeria (CBN) is reportedly planning to retire eight directors who were employed under the former governor, Godwin Emefiele.

The news has caused concern among the staff of the banking regulator, who fear that this could be a prelude to more layoffs.

According to reports, the directors will be served early retirement letters this week. A few of them were initially moved to the Financial System Stability (FSS 2020) branch of the bank, which worked closely with Emefiele.

The affected directors have been working from the Directorate’s office in the Maitama District of Abuja since November 2023 and are now in a sort of pool, awaiting further directives.

The reasons for the sack are not entirely clear, but sources within the CBN suggest that it is because the directors had worked closely with Emefiele.

It is not known whether they were given early retirement or their appointments were terminated outright.

The decision has raised concerns among staff, who fear that it could be a prelude to more layoffs by the current management of the banking regulator.

The CBN recently relocated 150 staff of the Banking Supervision Department to Lagos, which generated heated controversy across the country, with many people of northern extraction alleging that it was an attempt to dislodge staff who are northerners from the institution.

The CBN rebuffed those insinuations, insisting that the relocation was part of a proper reorganization of the bank to ensure that the regular onsite examination of the 24 banks in the country was diligently carried out, as most of those national and regional banks are headquartered in Lagos.

The bank also stated that the relocation was aimed at de-congesting the corporate headquarters.

This news comes at a time when the CBN is undergoing significant changes under the leadership of Governor Yemi Cardoso.

The potential retirement of these directors could have implications for the future direction of the bank and its relationship with the financial industry.

The situation at the CBN is being closely watched by those in the financial sector and beyond, as the outcome of this decision could have wider implications for the banking regulator and the country’s economy as a whole.