In a move indicative of its ongoing restructuring agenda, the Central Bank of Nigeria (CBN) has proceeded with the termination of 40 employees, primarily from its development finance department (DFD). This latest wave of layoffs follows a previous round that saw 27 staff members being let go, signaling a significant shake-up within the institution.
The impact of these terminations primarily affected deputy directors and assistant directors, with 22 individuals from the DFD and 18 from the Medicals and Procurement Services Department being affected. Among those confirmed to have been impacted is Musa Zgabawa Bulus, an Assistant Director overseeing the National Collateral Registry (NCR) initiative, which aims to facilitate access to finance for Micro, Small, and Medium Enterprises (MSMEs).
According to sources within the CBN, the decision to terminate staff members from the DFD is part of a broader restructuring effort aimed at redirecting the institution’s focus away from direct development interventions. CBN Governor Olayemi Cardoso previously highlighted the need for the bank to prioritize its core functions, such as monetary policies and advisory roles, to better support economic growth.
This strategic realignment under the leadership of Governor Cardoso places concerns regarding the potential inefficiencies and distortions in the economy caused by extensive development finance interventions and excessive money supply influx.
As details regarding the affected individuals remain limited due to the late release of termination letters, further layoffs are anticipated shortly.
