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CBN Governor, Cardoso Sacked 25 Of 29 Directors He Met At CBN; See Names

Published by Tope Fakinlede on June 3rd, 2024.

CBN Governor, Cardoso Sacked 25 Of 29 Directors He Met At CBN; See Names

Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), has terminated the positions of 25 out of the 29 directors he inherited upon taking office, according to information from Daily Trust. Four additional directors recently retired after reaching the mandatory retirement age of 60.

These directors were in charge of various key departments within the bank’s directorates. The remaining directors at the CBN include Rashida Jumoke Monguno (Corporate Secretariat), Aderinola Shonekan (Research), Omolara Duke (Financial Markets), Jimoh Musa Itopa (Capacity Development), Muhammad Abba (Human Resources), Rabiu Musa (Finance), Sirajuddin Kofo Salam-Alada (Legal Services), Blaise Ijebor (Risk Management), and Lydia I. Alfa (Internal Audit).

Senior CBN officials have indicated that the bank’s management is preparing to bring in new directors from outside the institution. One official questioned why departments continue to be led by interim coordinators several months after the dismissal of the former directors. Another source noted that no new directors have been appointed since Cardoso took office, leaving departments under temporary leadership.

Since March, the CBN has laid off more than 600 employees. On May 24 alone, over 300 staff members were dismissed, marking the third major wave of layoffs. Between March 15 and April 11, 2024, more than 117 staff members were let go as part of efforts to reorganize the bank.

Some of the directors affected by these changes include:

– Dr. Blaise Ijebor, Director of Risk Management

– Dr. Mahmud Hassan, Director of Trade & Exchange

– Dr. Ozoemena S. Nnaji, Director of Statistics

– Chibuike D. Nwaegerue, Director of Other Financial Institutions Supervision

– Chibuzo A. Efobi, Director of Payments System Management

– Haruna Bala Mustafa, Director of Financial Policy and Regulation

– Rakiya Shuaibu Mohammed, Director of Information Technology

– Benjamin Nnadi, Director of Reserve Management