Reports emerge indicating that the Central Bank of Nigeria (CBN) is gearing up to dismiss twelve directors in the coming days, following the recent termination of employment of seven directors last Friday.
Among the terminated directors, two have acquiesced to their dismissal, while the remaining five are poised to challenge the bank’s decision in court, alleging wrongful termination.
Of the two directors who chose not to contest their dismissal, suspicions hover as they currently face scrutiny by the Economic and Financial Crimes Commission (EFCC) for their alleged involvement in the Obaze report.
Meanwhile, the five directors contesting their termination maintain their innocence, asserting they have not been associated with any misconduct or wrongdoing.
The termination letters delivered to the seven directors cited the bank’s new strategic direction as the reason for their dismissal, necessitating “reorganizational and human capital restructuring.” Their services were deemed no longer necessary effective from Friday, 15th March 2024, and they were instructed to promptly hand over all bank properties in their possession.
According to sources cited by the Nation, the twelve directors yet to receive termination letters are aware of the impending dismissals.
Internally, concerns have been raised over the lack of an exit package for the terminated directors, particularly given their extensive tenure and the absence of charges or allegations against them. The loss of over 200 years of institutional knowledge and expertise accompanying the termination has also been highlighted.
In response, certain employees have appealed to the management on behalf of the directors facing termination, urging reconsideration of the decision and proposing retirement instead to ensure access to allowances for the affected directors.
