Sweeping Changes at CBN: Directors Face Uncertain Future Amidst Restructuring

In a bold move by the Central Bank of Nigeria (CBN), nineteen directors are poised to be dismissed as part of a sweeping restructuring initiative. This comes on the heels of seven directors being let go last Friday, signaling a significant shake-up within the nation's financial regulatory body.

While two directors have accepted their fate without protest, five others are gearing up for a legal battle, claiming their dismissals were unwarranted. These five directors, who have not been implicated in any misconduct, are particularly aggrieved, with one director nearing the end of their tenure.

The dismissed directors are also entangled in an investigation by the Economic and Financial Crimes Commission (EFCC) related to the Obaze report, adding another layer of complexity to the situation.

Official letters cited the bank's new strategic direction as the reason for the terminations, which took effect on Friday, 15th March 2024. The directors were instructed to hand over all banking assets to their department's administrator promptly.

As the CBN navigates through this period of transition, the future of its leadership remains in a state of flux, with the outcome of the legal challenges eagerly anticipated by the financial community.

ADAB HONORS HON KANAYO AWANI, GEN. AMANDA AZUBIKE

In an era where the discourse around diversity and inclusion is more vibrant than ever, the African Diaspora Advisory Board’s (ADAB) 3rd Annual International Women’s Day celebration in Prince George’s County stands out as a beacon of progress. 

The 2024 event was not just a celebration but a powerful statement on the strides made by women, particularly those of African descent, in various sectors of the society.

it was a dynamic showcase of the enduring legacies and impactful stories of women who have carved their names into the annals of history.

Amongst others, the event paid homage to the likes of Hon Kanayo Awani, the first woman to sit on the position  of  Executive Vice President of the Intra-African Trade Bank (INAT) at Afreximbank, Brigadier Gen Amanda Azubike, the first African immigrant woman to  ever rise to the rank of a Gen in the United state Army, Samir Hassan, President of Tanzania, and Fatima Bio, the first lady of Sierra Leone.

Mrs. Awani has been a driving force behind initiatives that have delivered trade and investment deals valued at over $70 billion1. Her leadership in supporting the establishment and implementation of the African Continental Free Trade Area (AfCFTA) and organizing the biennial Intra-African Trade Fair (IATF) has been pivotal in spurring economic growth across the continent

Brigadier General Amanda I. Azubuike, another distinguished honoree, has had a trailblazing military career, marked by her service as both an Army pilot and public affairs officer. Apart from being the first African female immigrant to attain the rank of a General in the US Military, she has also displayed exceptional courage and leadership on the course of her military service. Her achievements include earning the Army Aviator Badge, Air Assault Badge, and Parachutist Badge, along with numerous medals for her service.

While commending Brigadier Amanda Azubike's heroic feats, Dr Vincent Iweanoge, Chairman of ADAB, noted that, "there is nothing more powerful than a humble person with a warrior spirit driven by a higher purpose,  Gen. Azubuike has  exemplified the warrior in her by excelling in every barrier on her path and has become that beacon of hope and aspiration for the African female immigrant that seeks to achieve excellence."

The ADAB 2024 event not only recognized these outstanding women but also served as a platform to inspire future generations to pursue their ambitions and contribute to the global community. 

The celebration underscored the importance of acknowledging and valuing the impact of women’s leadership and innovation in various fields

 Since its inception, ADAB has been instrumental in fostering community engagement and driving initiatives that resonate with the needs of the African diaspora. Its efforts in business, education, health, and cultural affairs have been transformative, making it a model of community-driven progress.