A source within the organization confirmed that the affected directors received their termination letters on Friday.

The move follows the earlier removal of the pioneer Managing Director, Mr. Aliyu Abdulhameed, who was ousted over an alleged multi-billion Naira fraud and is currently under investigation. In the latest shakeup, his successor, Abbas Umar Masanawa, was also relieved of his duties.

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While the CBN described the action as part of a broader reorganization, insiders suggest that Mr. Cardoso’s decision was driven by a need to remove individuals with questionable records from the organization.

Among those dismissed were Kennedy Nwaruh, Executive Director of Operations, and Olatunde Akande, Executive Director of Technical at NIRSAL Plc.

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It remains unclear if additional staff at the Directorate level will be affected by further actions, leaving other senior employees concerned about their future with the organization.

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