Restructuring: CBN Sacks Another 40 Staff

by Ohepo Ohepo

In keeping with its continuous reorganization, the Central Bank of Nigeria (CBN) has dismissed a new group of 40 employees, the most of them were from the development finance department (DFD).

Although specifics about individuals impacted are hazy due to the late Friday release of the sack letters, our correspondent has learned that Musa Zgabawa Bulus, the Assistant Director of the CBN in charge of the National Collateral Registry (NCR), was one of those impacted.

Through the use of movable assets, the CBN’s NCR initiative aims to increase access to financing, specifically for Nano Micro, Small, and Medium-Sized Enterprises (MSMEs).

22 deputy directors and assistant directors from the DFD and the remaining 18 from the Medicals and Procurement Services Department were the most affected.

Remember that the Central Bank of Nigeria laid off a minimum of 27 employees, the most of whom were directors, in the initial round of layoffs. More layoffs are expected to occur in the next few days.

Eight directors, ten deputy directors, five assistant directors, two major managers, and two senior managers were among those impacted.

With the most recent number of impacted employees, the Board of Governors, led by Olayemi Cardoso, has now affected 67 people in what seems to be a trend.

Why the personnel at DFD was impacted

The change might not be unrelated to the CBN’s recent shift in emphasis away from development finance interventions.

“The intervention has two dysfunctions,” Cardoso stated in a briefing following the most recent meeting of the Monetary Policy Committee. One, it takes a lot of time to perform something you are not skilled in, and two, if done carelessly, the flood of money supply causes many distortions in your economy.

“Above N10 trillion was expected to have been spent on recent initiatives. I’m not referring to methods or approaches. What was the Nigerian federal government’s budget? What was the Nigerian state with the largest budget? Compute the numbers to find out how much harm an excessive amount of seemingly beneficial goods may cause to an economy.”

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