Fired CBN directors turn down Cardoso’s offer to return as consultants

Some directors recently fired by the Central Bank of Nigeria (CBN) have rejected the offer made to them by the bank’s leadership to return as consultants.

Recall that over 500 staff have been sacked since the assumption of Olayemi Cardoso, who was appointed the bank’s governor by President Bola Tinubu in September 2023.

Cardoso, who wanted a clear departure from the mismanagement that took place during the tenure of his predecessor, Godwin Emefiele, embarked on a clean sweep of the CBN staff while planning to inject new hands into the system.

While the many of the staff were summarily dismissed, many of the directors were advised to voluntarily resign “so that they won’t be disgraced through sack and in order for them to receive their benefits”.

Speaking further, a source said due to the economic challenges in the country, especially as it relates to the stability of the naira and forex, the CBN has been struggling as it seriously needs the experience of some of the directors who were unceremoniously shown the way out.

According to him, the leadership of the bank reached out to some of the sacked directors to return and work as consultants but they rejected the offer.

“Honestly, I must tell you the CBN governor is trying his best. Those working in the CBN will tell you the man is working round the clock to ensure things don’t get out of hand. I won’t lie about that. However, what people want is result. If you are doing your best and yet no result to show for it, it means your best is not good enough”.

“However, the mass sack of the staff he has embarked upon, especially the directors have gravely affected the operations of the CBN. Many of these directors were holding key strategic positions such as financial policy and regulation, statistics, trade and exchange and so on. Some of the vacant positions are yet to be filled”.

“The bank leadership recently wrote to some of the sacked directors and asked them to return and work as consultants. I know two of them who turned down the offer.

They said the CBN governor should go and look for consultants himself as he was the one that unjustly sacked them”

“They said he (Cardoso) reached out to them to work as consultants because he knew they had something to offer. When you know the experience of these directors are needed at this critical time in our nation’s economy, why sack them in the first place?” our source said.

The National Assembly has already taken up the issue as the House of Representatives has directed its Committee on Banking and other Financial Institutions to investigate the circumstances leading to the mass sack.