The Central Bank of Nigeria (CBN) has been rocked by the redeployment of eight directors to the Financial Sector Surveillance (FSS) Department at the Maitama headquarters.
Employees are worried that this move could be a catalyst for further layoffs and redeployments in the future.
Eight directors were redeployed to the FSS Department, which is thought of as a less prominent position within the CBN. This move has been compared to sending someone to “Siberia.”
This action has led to conjecture that the CBN is facing pressure to realign its workforce, and further redeployments may be near.
Nothing happens at the FSS, according to a source who corroborated the redeployments and spoke with The Nation. These directors were deported to Siberia rather than being fired.
The insider also disclosed that two other directors were transferred last week: Dr. Mahmoud Hassan, who was previously in charge of the Monetary Policy Department and is currently in charge of the Trade and Exchange Department; the other director was transferred from Human Resources to Capacity.
The redeployment, which began more than two weeks ago, has caused disquiet in other bank employees.
The directors were reportedly repurposed as part of the CBN Governor Yemi Cardoso and his group of deputy governors’ efforts to reorganise the top bank, according to credible reports.
Mr. Philip Yusuf Yila, a former CBN director of development finance, is one of the impacted directors ordered to FSS.
Under Yila’s direction, the DFD was instrumental in helping businesses by providing more funding to priority sectors through a range of initiatives, including the Micro, Small and Medium Enterprises Development Fund (MSMEDF), the Agri-Business/Small and Medium Enterprises Investment Scheme (AGSMEIS), and the Anchor Borrowers’ Programme (ABP). Additionally, the DFD disbursed funds to households and small businesses during the COVID-19 pandemic to lessen the effects of the ensuing lockdown.
With the help of several programmes, such as the Refinancing and Rediscounting Scheme (RRF) and the Interest Rate Reduction Scheme (IRS), the DFD lowered the cost of funding for priority industries.
Yemi Cardoso, the new governor of the CBN, has lambasted the quasi-fiscal policies of his predecessor, Godwin Emefiele, claiming that N10 trillion was injected into the economy through intervention projects as a result.
Cardoso promised to deal with these problems and bring back corporate governance at the CBN.
The idea that the CBN is contemplating more punitive measures aimed at the workforce is likely to be strengthened by the relocation of eight directors to FSS.
