CBN Sacks Another 40 Staff

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 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.”

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