CBN sacks 40 more staff in move away from development finance

The Central Bank of Nigeria (CBN) has let go of another batch of 40 employees, mostly from its development finance department (DFD), as part of its ongoing restructuring. This news comes on the heels of an earlier dismissal of 27 staff, bringing the total number affected to 67.

Focus shift from development finance

Daily Trust reports that the dismissals are likely connected to the CBN’s refocus away from development finance interventions. Governor Olayemi Cardoso has previously voiced concerns about such interventions, arguing that they take the bank outside its core function and can distort the economy.

National collateral registry head affected

Among those let go in this latest round is Musa Zgabawa Bulus, an Assistant Director who headed the National Collateral Registry (NCR). The NCR is an initiative aimed at improving access to finance for small and medium-sized enterprises (MSMEs) by leveraging movable assets as collateral.

Breakdown of dismissed staff

The dismissals reportedly targeted senior staff, with 22 from the DFD and 18 from the Medicals and Procurement Services Department. The previous round included eight directors, 10 deputy directors, five assistant directors, two principal managers, and two senior managers.

Concerns over CBN leadership

Anonymous senior management sources at the CBN reportedly expressed concerns about potential irregularities in the bank’s leadership. Specifically, they questioned the authority of Olayemi J. Solaja, Coordinator of the Currency Operations Department, to sign the Naira note. CBN rules reportedly mandate a formal appointment process for directors before they can sign currency.