Concerns, Questions Arise as CBN Sacks Another 40 Directors
The Central Bank of Nigeria (CBN) has taken further steps in its ongoing restructuring by terminating the employment of 40 staff, primarily from the development finance department (DFD), according to an authoritative report from Daily Trust.
Details regarding the affected individuals remain limited due to the timing of the release of the dismissal letters late on Friday.
However, it has been confirmed that Musa Zgabawa Bulus, an Assistant Director overseeing the National Collateral Registry (NCR), is among those affected.
Excel Magazine International reports the National Collateral Registry (NCR) is a CBN initiative aimed at enhancing access to finance, particularly for Nano Micro Small and Medium Enterprises (MSMEs), by leveraging movable assets.
Deputy directors and assistant directors bore the brunt of the dismissals, with 22 from the DFD and the remaining 18 from the Medicals and Procurement Services Department.
This latest wave of dismissals follows a prior round where 27 staff members, predominantly directors, were affected. This ongoing process, overseen by the Olayemi Cardoso-led Board of Governors, is expected to continue in the coming days.
Sources indicate that these actions align with the CBN’s shift away from development finance interventions, a sentiment previously expressed by the CBN governor.
Concerns have been raised about the efficacy and potential distortions caused by such interventions in the economy.
In addition to restructuring concerns, questions have arisen regarding procedural irregularities within the CBN.
Allegations have surfaced regarding the signature authority on national currency, particularly regarding the appointment status of Olayemi J. Solaja, the current Coordinator of the Currency Operations Department.
It has been observed that Mr. Solaja may not have completed the requisite appointment process to be considered a full-fledged Director.
This issue has raised concerns about institutional discipline within the CBN.
Efforts to obtain a response from the Ag Director of Corporate Communication, Hakama Sidi Ali, were unsuccessful as of the time of reporting, as calls and text messages went unanswered.
