• Tuesday, April 16, 2024
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Sacked CBN directors mull legal redress

Sacked CBN directors mull legal action

Some of the directors disengaged last Friday from the Central Bank of Nigeria (CBN) are considering legal action to challenge what they consider unlawful termination of their appointments, multiple sources have disclosed.

It was also learnt that about 12 more directors might be asked to leave the system after seven were earlier disengaged.

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BusinessDay was told that a total of 19 directors were pencilled down for dismissal, which means 12 more would get their letters any moment.

Two of those sacked have accepted their fate, but are currently being probed by the Economic and Financial Crimes Commission (EFCC) following their implication in the report by Jim Obaze Report, President Tinubu’s special investigator.

The termination letters sent to the seven directors cited “re-organisational and human capital restructuring” as the reason for their dismissal, in line with the bank’s new strategic direction.

“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 no longer be required with effect from Friday, March 15, 2024.

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“You are cordially requested to hand over all bank’s properties in your possession to your department’s administrator, with immediate effect,” the letter from the CBN director, human resources department, seen by BusinessDay, partly reads.