Press statement:
We, the umbrella body of South East Socio-cultural Associations in the diaspora, express deep concern and disappointment over the recent directorship appointments at the Central Bank of Nigeria (CBN).
A particular publication by Rufai Oseni, a respected columnist and TV personality, has brought to light serious allegations of lopsided and exclusionary appointments within the CBN. The article, which can be found here provides a detailed and well-researched analysis of these appointments.
Of utmost concern is the marginalization of South Easterners in the CBN under the leadership of Governor Olayemi Cardoso Olayemi Cardoso. As highlighted in the publication, the South East currently has only one director in the entire CBN—an outright injustice.
Systematic Exclusion of South Easterners
Since assuming office as CBN Governor, Olayemi Cardoso has systematically marginalized South East staff. In May 2024, he dismissed all South East directors, including:
Chibuzor Efobi (Director, Financial Policy and Regulation)
Dr. Scholastica Ozoemena Nnaji (Director, Trade and Exchange)
Mr. Chibuike Nwaegerue (Director, Other Financial Institutions Supervision)
Mrs. Nkiru Asiegbu (Director, Special Duties)
In addition to these dismissals, over 20 Deputy Directors—including some of the most competent specialists recruited from abroad—were also sacked. Among them were:
Dr. Valentine Ururuka (Macro-prudential specialist from the University of Lancaster)
Dr. Odim Orji (Monetary Policy expert)
Mrs. Angela Ofili (HR specialist from London)
Mr. Eze Christian (HR specialist)
Furthermore, 15 Assistant Directors of South East origin, as well as numerous Senior and Junior staff, were dismissed across various departments.
The South East was disproportionately affected by Cardoso’s ill-advised purge, which lacked due process and has resulted in multiple legal battles currently embarrassing the CBN in court.
These dismissals were neither reviewed nor approved by the CBN Board. They were not subjected to the Central Disciplinary Committee, and the affected staff were never informed of any offenses committed.
At the time of these actions, there was no board in place, and Cardoso’s legal team has since struggled in court due to the lack of due process and supporting documents. This reckless and impulsive decision-making has created significant financial liability for the CBN and, by extension, Nigerian taxpayers.
Unfair Directorship Appointments
Rufai Oseni’s publication also exposed the deliberate exclusion of South Easterners from directorship positions after their mass sack. Based on our analysis, five highly qualified South East candidates performed excellently in their respective interviews but were unjustly overlooked:
Rita Ijeoma Sike – Competed for Director, Banking Supervision Department, outperformed her South West colleague (Adetona Sikiru Adedeji), but was given a different role. Meanwhile, Adedeji, despite losing, was appointed Director of Currency.
Chikelu Edison Oballum – Won the interview for Development Finance Institutions Supervision Department against Monsurat Vincent (South West), yet was denied a position. Instead, Monsurat was appointed Director, Strategy, a role she neither applied for nor interviewed for.
Paul Ihuoma Oluikpe – Competed in two categories (Strategy Management and Innovation Department and Corporate Communications Department) and ranked in the top two for both. Yet, he was denied both positions, with Strategy being handed to Monsurat Vincent, who never applied for it, and Corporate Communications arbitrarily merged with Investor Relations, changing the rules midway after candidates had participated rigorously in the process.
Promise Joe-Ibekwe – A highly competitive South East female candidate for Director, Payments System Management Department, was replaced by Rakiya Opemi Yusuf, who never applied for the role.
Ifeoma Geraldine Okwor – Placed among the top candidates for Banking Services Department but was not appointed, while less qualified South West candidates secured directorship positions.
A Pattern of Exclusion and Tribal Favoritism.
The findings in Oseni’s report reveal an alarming trend: South East candidates who performed excellently were sidelined, while South West candidates were rewarded—even when they underperformed or never even applied for certain positions.
Governor Cardoso has set a dangerous precedence by appointing 13 Yoruba candidates to directorship positions in one fell sweep while leaving the South East with just one appointment out of 29 departments. This unprecedented level of regional favoritism in a national institution cannot be justified under the guise of “competence.”
Unlike previous administrations that ensured regional balance, Cardoso has blatantly ignored federal character principles. Even former CBN Governor Godwin Emefiele—despite his flaws—ensured that every region had at least four directors. Cardoso’s appointments, by contrast, expose him as a tribal champion who prioritizes ethnic loyalty over national unity.
Demand for Accountability and Justice
We call on the National Assembly to:
(a) Investigate and review these appointments to ensure fairness and adherence to federal character principles.
(b) Reform the CBN governance structure to separate the roles of Governor and Board Chairman to prevent future abuses of power.
(c) Hold Governor Cardoso accountable for the unjust dismissal of South East staff and the financial liabilities incurred due to illegal terminations.
The South East has contributed immensely to Nigeria’s development, paying taxes and supplying resources essential to national growth. We will not tolerate systemic exclusion from national institutions.
We are mobilizing our representatives and senators to challenge these injustices.
Furthermore, the South East community in the diaspora will actively work to ensure that policies and institutions that discriminate against us will face political consequences in 2027.
This is a campaign for justice. If you support this cause, sign your name and country of residence below and forward this message widely. Enough is enough!
Signed:
Elder Chibuzor Nsofor (Hamburg, Germany)
Aloysius Egwu (California, USA)
Prince Ulu Aguchekwa (London, United Kingdom)
Amara Duru (Helsinki, Finland)
Chief Chinenye Oparaeke (Scranton, PA, USA)
Mazi Nnamemeka Nwanganga (Berlin, Germany)
Elder Benjamin Nworgu (Littlerock, USA)
Pastor Udochukwu Matthew (Maryland, USA)
Nze Paschal Adimonye (Canberra, Australia)
Professor Chude Agu (Accra, Ghana)
Maxwell Ibeagu (Sydney, Australia)
Emmanuel Nsofor (Amsterdam, Netherlands)
Chigozie Amalaha (Pretoria, South Africa)
Akachi Nwanze (Vancouver, Canada)
Prof. Chike Ubani (Missouri, USA)
Lemachi Chikwe (New Jersey, USA)
Barrister Jude Okoye (Port Elizabeth, South Africa)
Leticia Okagbue (Maastricht, Netherlands)
Bartholomew Azubuike (Oslo, Norway)
Placidus Okoronkwo (Lisbon, Portugal)
