The Central Bank of Nigeria (CBN) has continued with the disengagement of staff in furtherance of its ongoing restructuring as it sacked a fresh batch of 40 staff mostly from the development finance department (DFD).

Because the sack letters were released late Friday, details of those affected are sketchy but our reporter learnt that Musa Zgabawa Bulus, an Assistant Director of the CBN, heading the National Collateral Registry (NCR) was affected.

NCR is an initiative of CBN aimed at improving access to finance particularly for Nano Micro Small and Medium Enterprises (MSMEs) leveraging movable assets.

Deputy directors and assistant directors were mostly affected with 22 from the DFD and the remaining 18 from Medicals and Procurement Services Department.

Recall that not less than 27 members of staff, most of them directors at the Central Bank of Nigeria, were affected by the first batch of dismissals, even as more are set to be axed in the coming days.

Amongst those affected were eight directors, 10 deputy directors, five assistant directors, two principal managers and two senior managers.

With the latest number of affected staff, the total has now reached 67, in what appears to be a series by the Olayemi Cardoso-led Board of Governors.

Why DFD staff were affected

The move may not be unconnected with the refocusing of the CBN away from development finance interventions

Briefing after the last Monetary Policy Committee meeting, Cardoso said: "The intervention has two dysfunctions. One, it takes a lot of time for something you do not have an expertise to do, and two, if not carefully handled, creates a lot of distortions in your economy through inflow of money supply.

"The interventions that took place in the recent past were estimated in excess of N10 trillion. I’m not talking about ways or means. What was the budget of the federal government of Nigeria? What was the budget of the largest states in Nigeria? Do the maths and it would tell you the extent of damage too much of what may appear to be good things can do to an economy."

emkz:


https://dailytrust.com/cbn-sacks-another-40-staff/#Echobox=1712535466

sofeo:
Great development.

emkz:
I think this is selective

emkz:


https://dailytrust.com/cbn-sacks-another-40-staff/#Echobox=1712535466

emkz:
I think this is selective.

Because CBN is shifting from that development financial initiative which led to CBN disbursing loans to farmers does not mean there are no dead woods elsewhere.

CBN must carry out a comprehensive personnel audit. CBN recruitment has mostly been political and nepotistic over the years where the children of the high and the mighty get preference. We even heard that these children's job functions are mostly planning their vacations. Some of the retiring CBN staff seemingly bring their children to the employ of CBN. If this is a lie, when last did CBN do an open recruitment?

CBN cannot deny recruitment because that agency is overstaffed.

Dr Yemi Cardoso, we are in support of your initiatives. We want them to be more brutal. Please clean the CBN.

Badgers14:
I don't think I have seen vacancy announcement by CBN.