Cardoso Sacks Eight Directors for Close Ties to Emefiele

Taiwo Ajayi
2 Min Read

The Central Bank of Nigeria (CBN) has reportedly served early retirement letters to eight directors who were closely associated with former governor Godwin Emefiele.

The directors, who were initially redeployed to the FSS 2020 Secretariat in November 2023, have been asked to exit the bank.

Sources within the CBN indicate that the dismissals are not related to any specific offenses but rather due to their close association with Emefiele. The decision has raised concerns among staff, who fear it could be a prelude to further layoffs.


Prior to this development, the CBN had relocated 150 staff of the Banking Supervision Department to Lagos, sparking allegations of discrimination against northerners. However, the CBN denied these claims, stating that the move was part of a reorganization aimed at improving efficiency.

Some of the affected directors have reportedly threatened to challenge the decision, while others have accepted the sacking due to the “poisonous working environment.”

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According to sources, the CBN governor, Yemi Cardoso, had initially wanted to dismiss all directors close to Emefiele but was advised against it as they were not political appointees. Instead, he transferred them to the FSS 2020 Secretariat, which is considered a less prestigious posting.

Critics have questioned the rationale behind transferring highly technical staff to a redundant secretariat, as well as the replacement of experienced personnel with individuals lacking the necessary expertise.

The CBN has not officially commented on the alleged sackings. However, nearly 100 staff of the Financial Policy Regulation Department have also been notified of a relocation to Lagos by April 29, 2024.

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