The Central Bank of Nigeria (CBN) has taken further steps in its ongoing restructuring by terminating the employment of 40 staff members, primarily from the development finance department (DFD).
The sack letters were released late on Friday, resulting in limited details about those affected. However, it is known that Musa Zgabawa Bulus, an Assistant Director at the CBN, who headed the National Collateral Registry (NCR), was among those affected.
The NCR is an initiative aimed at improving access to finance, particularly for Nano Micro Small and Medium Enterprises (MSMEs), leveraging movable assets.
Deputy directors and assistant directors were predominantly affected, with 22 from the DFD and the remaining 18 from the Medicals and Procurement Services Department.
This recent batch of dismissals adds to the previous round, where 27 staff members, including directors, deputy directors, assistant directors, principal managers, and senior managers, were affected. The total number of affected staff now stands at 67.
The move to disengage staff may be linked to the CBN’s refocusing away from development finance interventions.
The CBN governor has emphasized the need for the bank to return to its core functions of monetary policies and advisory roles to support economic growth.
The recent interventions, estimated at over N10 trillion, raised concerns about inefficiencies and potential distortions in the economy.
Additionally, there have been concerns about irregularities, including the signing of currency notes by staff members.
The situation remains fluid as more staff members are expected to be affected in the coming days.
