CBN Dismisses 40 More Staff in Ongoing Restructuring

The Central Bank of Nigeria (CBN) has continued its restructuring efforts by dismissing another 40 staff members, mostly from the development finance department (DFD) and other departments.

This move is part of the ongoing overhaul of the CBN, which has already seen the dismissal of 27 members, including directors, deputy directors, and assistant directors.

Musa Zgabawa Bulus, an Assistant Director of the CBN and head of the National Collateral Registry (NCR), was among those affected by the latest round of dismissals.

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

The sack letters were released late on Friday, and the details of those affected are still emerging.

However, it has been confirmed that 22 staff members from the DFD and 18 from the Medicals and Procurement Services Department have been let go.

CBN Governor Olayemi Cardoso has emphasized the bank’s refocusing on development finance interventions, citing the significant distortions they can cause in the economy.

The interventions in recent years have been estimated to be in excess of N10 trillion, which is a substantial amount compared to the budgets of the federal government and the largest states in Nigeria.

The CBN’s restructuring and dismissal of staff are part of a broader effort to streamline operations and address the challenges faced by the Nigerian economy.

As the restructuring continues, more staff may be affected, and further details will likely emerge in the coming days.