News
Sacked CBN Directors Reject Cardoso’s Offer To Return As Consultants
By Kayode Sanni-Arewa
Some directors recently sacked by the Central Bank of Nigeria (CBN) have rejected the offer made to them by the bank’s leadership to return as consultants, TheScrutinyNG has gathered.
Checks by our correspondent showed 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.
Our source said 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, our 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.
The Inspector-General of Police, Kayode Egbetokun, the Nigeria Police Force has directed his men to resume the issuance of tinted glass permits across the country.
This development was announced in a statement released on Wednesday by the Force Public Relations Officer, Olumuyiwa Adejobi.
According to the Force spokesperson, the move comes in response to rising concerns and complaints from the public over the harassment of vehicle owners by law enforcement agents for using factory-fitted tinted windows.
“The Nigeria Police Force, under the directive of the Inspector-General of Police, IGP Kayode Adeolu Egbetokun, Ph.D., NPM, has reactivated the issuance of Tinted Glass Permits (TGP) nationwide through a secure and user-friendly digital platform.
“This initiative comes in response to widespread public complaints about the harassment of motorists over the use of tinted windows and reflects the need for a clear, transparent, and accountable process for regularising factory-fitted tinted glass on vehicles”, the statement partly read.
Highlighting the prevalence of modern vehicles designed with tinted windows for comfort and aesthetics, the police emphasised the importance of having a formal system to regulate usage.
“With modern automobiles increasingly manufactured with tinted windows, it has become essential to provide a standardised system that accommodates legitimate use while ensuring public safety.
“Tinted vehicles have often been exploited for criminal purposes, including kidnapping, armed robbery, ‘one-chance’ scams, and other forms of banditry”, Adejobi explained.
According to the statement, the abuse of tinted windows by criminals creates operational challenges for law enforcement and compromises national security.
In addition, he explained that law enforcement will begin active implementation after the grace period, and the police warn that officers who misuse the enforcement process will be sanctioned.
“Enforcement will commence at the end of this period. Officers found engaging in unprofessional conduct, such as extortion or harassment, in the course of enforcement will be decisively dealt with in accordance with extant disciplinary procedures”, he said.
By Gloria Ikibah
The Central Bank of Nigeria (CBN) has announced a revised documentation requirement for transactions conducted through the Pan-African Payment and Settlement System (PAPSS) in Nigeria.
This was disclosed in a statement issued by the apex bank’s acting Director, Corporate Communications, Mrs. Hakama Sidi Ali
The CBN said the new initiative is part of its ongoing commitment to foster seamless intra-African trade, financial inclusion, and operational efficiency for Nigerians engaging in cross-border payments within Africa.
Launched by Afreximbank in partnership with the African Union and the African Continental Free Trade Area (AfCFTA) secretariat in January 2022, PAPSS serves as a centralized payment and settlement platform that enables instant, secure, and efficient cross-border transactions throughout Africa.
By facilitating payments in local currencies, PAPSS minimizes reliance on third-party currencies, reduces transaction costs, and supports the rapid expansion of trade under the AfCFTA.
In a recent circular referenced TED/FEM/PUB/FPC/001/006 issued on April 28, 2025, CBN outlined the key changes to the documentation requirements associated with PAPSS transactions.
The key changes it added take effect immediately and include simplified documentation for low-value transactions, which allows customers to now use basic KYC and AML documents provided to their authorized dealer banks for low-value transactions of up to $2,000 and $5,000 equivalent in naira for individuals and corporate bodies, respectively.
“For transactions above the thresholds, all documentation as stipulated in the CBN foreign exchange manual and related circulars remains mandatory,” the bank said.
Also, the CBN added that applicants are responsible for ensuring all regulatory documents are available to facilitate the clearance of goods, as required by relevant government agencies.
“Authorized dealer banks may now source foreign exchange for PAPSS settlements through the Nigerian foreign exchange market, without recourse to the CBN.
“All export proceeds repatriated via PAPSS shall be certified by the relevant processing banks.
“The Central Bank of Nigeria urges all banks to adopt PAPSS and commence originating transactions in line with this new policy.
“In addition, CBN encourages exporters, importers, and individuals to familiarize themselves with the new requirements and leverage PAPSS for cross-border transactions within Africa,” the statement said.
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