Home NEWS CBN Faces Legal Storm As Dismissed Directors Head To Court

CBN Faces Legal Storm As Dismissed Directors Head To Court


The Central Bank of Nigeria (CBN) may soon be thrown into legal tango with five dismissed directors who are planning to take legal action against the bank for what they consider to be an unlawful termination of their appointments.

The hint of the dismissal of 19 directors was dropped recently after the termination of seven directors last week Friday.
Two directors are said to have accepted their termination quietly but are facing a case with the Economic and Financial Crimes Commission (EFCC) due to their implication in the Obazee report.
The termination letters sent to the seven directors by the apex bank cited “re-organizational and human capital restructuring” as the reason for their dismissal, in line with the bank’s new strategic direction.
The letters said that their services would no longer be required with effect from Friday, 15th March 2024, and they were instructed to hand over all bank properties in their possession to their department’s administrator immediately.
The five directors who are contesting their termination are reportedly upset as no wrongdoing has been attributed to them, and they have not been implicated in any misconduct.
One of the directors affected has just two years and two months left in service.
The situation at the CBN has sparked discussions and concerns about the impact of the dismissals on the bank’s operations and the fate of the affected directors.
Source: PRNigeria.

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