CBN Sacks 40 More Employees, Says Part of its Broader Restructuring Efforts

The Central Bank of Nigeria (CBN) has reportedly executed another round of layoffs, this time affecting 40 staff members, primarily from the development finance department (DFD).

Details concerning the impacted individuals remain scanty owing to the belated issuance of the termination notices.

Nonetheless, it has been verified that Musa Zgabawa Bulus, an Assistant Director overseeing the National Collateral Registry (NCR) within the CBN, is among the casualties.

The NCR, an initiative geared toward bolstering financial access for Nano, Micro, Small, and Medium Enterprises (MSMEs) by leveraging movable assets, falls under the jurisdiction of the development finance department.

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The majority of the affected personnel were purportedly deputy directors and assistant directors, with 22 hailing from the DFD and 18 from the Medicals and Procurement Services Department.

This recent wave of dismissals comes on the heels of a prior round in which 27 employees were ousted, including directors, deputy directors, assistant directors, principal managers, and senior managers.

The decision to trim staff from the DFD is believed to be part of the CBN’s overarching restructuring endeavors, which entail a departure from direct developmental interventions.

CBN Governor Olayemi Cardoso has previously underscored the imperative for the apex bank to realign its focus on its fundamental functions of monetary policies and advisory roles to underpin economic growth.

Cardoso has voiced concerns regarding the detrimental impacts of extensive development finance interventions, citing potential inefficiencies and economic distortions stemming from an excessive influx of money supply.

Source: Daily Trust