Sixteen out of twenty-nine directors at the Central Bank of Nigeria (CBN) have been relieved of their duties, leaving only nine departmental directors in place. This restructuring follows the implementation of recommendations from Jim Obazee, the special investigator appointed by President Bola Tinubu to probe the activities of the CBN under former governor Godwin Emefiele. Additionally, about two hundred other employees were also disengaged but received full terminal benefits.
The dismissed directors, who were not accused of specific wrongdoing, were informed that their services were no longer required as part of the overhaul. The investigation revealed allegations against Emefiele of financial misconduct, including unauthorized deposits and fraudulent cash withdrawals. The former governor is accused of several infractions, such as manipulating exchange rates and unauthorized investments, which led to significant financial mismanagement within the bank.
Following the investigation, legal actions have been initiated, with the Federal High Court in Lagos ordering the forfeiture of property linked to Emefiele worth N11.14 billion. The CBN’s restructuring is part of a broader effort to restore integrity and accountability in the institution. Meanwhile, three other directors recently retired upon reaching the age of sixty, leaving the position of the consumer protection department director currently vacant.
Source: Premium Times