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CBN Sacks Top Directors and Over 300 Staff, Citing Reorganization

In a significant move aimed at restructuring its operations, the Central Bank of Nigeria (CBN) has initiated a comprehensive staff reorganization, resulting in the dismissal of over 300 employees, including several high-ranking directors. The decision, implemented between May 23 and May 24, 2024, marks a pivotal moment in the bank’s history under the leadership of Governor Olayemi Cardoso.

Reports from within the bank indicate that the reorganization was extensive, with an entire department being cleared out and numerous others left with significantly reduced staff. Among the hardest-hit areas were the governor’s directorate department and the economic intelligence unit, responsible for conducting internal investigations within the bank.

A letter issued by the CBN’s Human Resources Department provided insights into the rationale behind the dismissals. It cited the bank’s new mission and vision as the driving force behind the reorganization, emphasizing the need to realign the institution with its updated strategic direction. The affected staff were notified that their services would cease as of May 24, 2024, and assured that their final entitlements would be calculated and disbursed accordingly.

Governor Olayemi Cardoso, since assuming office, has been steadfast in his commitment to overhaul the CBN’s operations. This latest move represents a continuation of his efforts to streamline the bank’s structure and enhance its efficiency. Notable figures among the dismissed directors include Dr. Blaise Ijebor, Dr. Mahmud Hassan, and Dr. Ozoemena Nnaji, among others.

Furthermore, in a related development, the CBN has announced the cessation of daily Cash Reserve Requirement (CRR) debits for banks. This decision, aimed at providing banks with greater flexibility in planning and aligning their records with the CBN, is part of a broader effort to support the financial sector’s stability and growth.

Governor Cardoso’s tenure has been marked by proactive measures aimed at modernizing and strengthening the Nigerian banking system. In addition to the staff reorganization, he has overseen the relocation of certain CBN departments to Lagos, a move intended to optimize operational efficiency and better serve the needs of stakeholders across the country.

The decision to dismiss over 300 employees underscores the CBN’s commitment to fostering a culture of accountability and excellence within its ranks. By realigning its human capital with its strategic objectives, the bank aims to enhance its capacity to fulfill its mandate of maintaining monetary stability and promoting a sound financial system.

As the banking landscape continues to evolve in response to dynamic economic conditions, the CBN remains focused on adapting its operations to meet the challenges and opportunities of the future. Through decisive actions such as the recent staff reorganization and the implementation of innovative policies like the revised CRR mechanism, the bank seeks to position itself as a catalyst for sustainable economic growth and development.


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