Restructuring: CBN Sacks 40 More Staff DFD Most Affected

— Central Bank of Nigeria building 

By Adeola Idris 

Forty more employees have been laid off by the Central Bank of Nigeria (CBN) and 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.

Gathered 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.

The Institute that Innocent and Josephine built serves humanity in education and technology.

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.

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