CBN Sacks Additional 40 Employees Amid Ongoing Restructuring

In a continued effort to restructure its operations, the Central Bank of Nigeria (CBN) has dismissed a fresh batch of 40 staff, primarily from the development finance department (DFD), according to reports from Daily Trust.

The recent round of layoffs, which occurred late on Friday, included prominent figures such as Musa Zgabawa Bulus, an Assistant Director heading the National Collateral Registry (NCR). The NCR, an initiative aimed at enhancing access to finance for Nano Micro Small and Medium Enterprises (MSMEs), was a notable casualty of the restructuring.

Among those affected, 22 were from the DFD, with an additional 18 from the Medicals and Procurement Services Department. This move follows a previous round of dismissals that saw 27 staff members, including directors and deputy directors, lose their positions.

The decision to dismiss DFD staff appears to be linked to the CBN’s shift away from direct development finance interventions. Governor Olayemi Cardoso has emphasized the need for the apex bank to refocus on its core functions of monetary policies and advisory roles to support economic growth.

However, concerns have been raised about the legality of recent actions within the CBN. Senior management members, speaking anonymously, highlighted irregularities such as the signing of currency by individuals not confirmed as directors. Olayemi J. Solaja, currently coordinating the Currency Operations Department, allegedly signed Naira notes without undergoing the proper appointment process.

Despite efforts to seek clarification from the CBN’s Ag. Director of Corporate Communication, Hakama Sidi Ali, no response was received. The dismissal of staff and questions surrounding internal procedures suggest a period of significant change and scrutiny within Nigeria’s central bank.