CBN moves to replace sacked directors

The Central Bank of Nigeria (CBN) has commenced the process of appointing substantive directors to replace those who were relieved of their appointments, including some who retired about 11 months ago. An internal advertisement published by the apex bank, a copy of which was sighted by Daily Trust, gave this hint. In the advertisement, the […]

The Central Bank of Nigeria (CBN) has commenced the process of appointing substantive directors to replace those who were relieved of their appointments, including some who retired about 11 months ago.

An internal advertisement published by the apex bank, a copy of which was sighted by Daily Trust, gave this hint.

In the advertisement, the bank is seeking to fill seven positions namely Director, Corporate Communications Department (CCD); Director, Financial Policy and Regulation Department (FPRD); Director, Other Financial Institutions Supervision Department (OFISD); Director, Procurement & Support Services Department (PSSD); Director, Banking Services Department (BKSD); Director, Medical Services Department (MSD); and Director, Information Technology Department (ITD).

There are 13 departments, each currently headed by a coordinator, according to information on the CBN’s website as at the time of this report.

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According to the conditions specified in the advertisement, the ideal candidate, who must be a confirmed staff of the bank on the grade of deputy director, must have spent at least three years on the grade as at the date of the advertisement.

It further specified that deputy directors who have two years or less to retire are not eligible for consideration, and that each applicant must apply for only one of the positions listed as multiple applications may lead to disqualification.

The bank also noted that applications should be submitted not later than 4pm on Friday, September 27, 2024, to an email address provided; adding that only shortlisted candidates would be contacted.

In March this year, Daily Trust reported that not less than 27 members of staff, most of them directors at the CBN, were affected by the first batch of reorganisation by the financial institution.

Amongst those affected were eight directors, 10 deputy directors, five assistant directors, two principal managers and two senior managers.

So far, the CBN Governor, Olayemi Cardoso, has relieved 17 directors he inherited, with four others recently retired on attaining the statutory retirement age of 60.

The move, which was described as “Re-Organisation” in the letters to the directors read: “The new strategic direction of the bank has been widely publicised. In line with our new mission and vision, the bank is currently undergoing a significant organisational and human capital restructuring process.”

 

Fears some acting directors may be sidelined

There are fears that the conditions set by the management of the apex bank for application for the posts declared vacant may have precluded some of those currently acting, referred to as coordinators, from applying for those positions.

A senior management staff of the bank who prefers anonymity said: “As it is, those overseeing these departments will not qualify. Most of those who should qualify were affected alongside the sacked directors.”

The vacancy announcement further specified that a minimum of 20+ years working experience is required, of which at least 12 years are expected to be post-call cognate experience at senior management level.