CBN Dismisses 40 More Staff Amid Ongoing Restructuring

By Ajibola Olaide, JKNMedia Reporter

CONTINUING with its restructuring efforts, the Central Bank of Nigeria (CBN), has dismissed 40 staff members, primarily from the Development Finance Department (DFD), in a move that brings the total number of affected employees to 67.

This decision, spearheaded by the CBN Governor Yemi Cardoso, is part of the overhaul by the Olayemi Cardoso-led Board of Governors.

Details on the individuals impacted by the recent dismissals have not been disclosed or made public.  However, it has been confirmed that Musa Zgabawa Bulus, and Assistant Director overseeing the National Collateral Registry (NCR), was among those affected.

The NCR, an initiative of the CBN, aims to enhance access to finance for Nano Micro Small and Medium Enterprises (MSMEs) by leveraging moveable assets.

The restructuring measures have predominantly targeted deputy directors and assistant directors, with 22 from the DFD and the remaining 18 from the Medicals and Procurement Services Department. Among the affected employees from previous rounds of dismissals were eight directors, 10 deputy directors, five assistant directors, two principal managers and two senior managers.

Also, the recent actions reportedly follow a prior dismissal of 27 staff members, primarily directors, in the initial phase of the restructuring process, adding that these successive waves of dismissals underscores the depth of the CBN’s commitment to overhauling its organizational structure under the current CBN governor and the board of governors.

The CBN’s restructuring efforts and the subsequent dismissals is also said to signal a significant shift within the institution, with implications for its operational strategies and internal dynamics, noting that as the process continues, further changes are expected to share the future course of the financial organization and its role within Nigeria’s economic challenge.

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