CBN Governor Cardoso fires 25 of 29 directors in major shakeup, sparking debates on reform and allegations of tribalism.
In a shocking move, the newly appointed Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has fired 25 out of the 29 directors he inherited upon assuming office. The dismissals have sent shockwaves through the financial sector, with many questioning the rationale behind such a massive leadership overhaul.
According to sources within the CBN, the sacked directors were heading various strategic departments, including Trade & Exchange, Statistics, Other Financial Institutions Supervision, Payments System Management, Financial Policy and Regulation, Information Technology, and Reserve Management. The four remaining directors are set to retire soon, having attained the statutory retirement age of 60.
Cardoso's actions are seen as a bold attempt to reform the apex bank and address the country's mounting economic challenges, such as high inflation, currency instability, and allegations of corruption. However, the dismissals have also raised concerns about potential disruptions to the bank's operations and the loss of institutional knowledge.
Reactions from Nigerians have been mixed, with some applauding the move as a necessary step towards accountability and transparency, while others accuse Cardoso of cronyism and tribalism. Allegations have surfaced that the vacancies created by the dismissals will be filled by loyalists from the southwest region, raising concerns about ethnic favoritism.
As the CBN prepares to recruit new directors from outside the bank, all eyes will be on Cardoso's next moves and whether he can restore credibility, address corruption concerns, and steer the Nigerian economy towards stability and growth.
