Lagos — There was palpable fear among bank chiefs for most part of Thursday over reports that the Central Bank of Nigeria (CBN) plans to sack the Managing Directors (MDs) of about five banks.

No one was able to confirm whose is likely to be affected, yet several MDs were unsettled, despite a counter claim by a source close to CBN Governor, Lamido Sanusi, who quoted him as denying plan.

Sanusi was quoted as insisting that there is no need to cause a run that could further ruin the gains achieved since consolidation in 2006.

The banks, he added, have remained relatively strong, despite the severe bashing from the global financial turmoil and the spill over effects, following which many of the world's biggest banks have gone under.

Sanusi is also said to be favourably disposed, instead, to waiting until next month or thereabout, when the outcome of the audit of the 24 banks would be released.

It was learnt that it is only then the CBN will take action in the overall interest of the industry and the economy in general.

Another source also explain that any announcement of sack may not be on the cards now, and urged journalists to wait for Sanusi's first press conference as CBN boss.

He is expected to speak at the second quarterly business luncheon of the Lagos Chamber of Commerce and Industry, after which he will meet with the media at the CBN Lagos annex.

He has also reportedly scheduled a meeting with bank MDs and board Chairmen.