More heads to roll in CBN as Cardoso continues sacking spree in apex bank

The Central Bank of Nigeria (CBN) is again at the centre of attention as Governor Yemi Cardoso persists in aggressive staff restructuring efforts, signalling that more heads may roll in the coming days.

Following a series of dismissals that have sent shockwaves through the institution, Cardoso is showing no signs of slowing down, raising concerns among staff members about their job security and the future direction of the apex bank.

The recent wave of sackings, which targeted directors and staff across various departments, has created an atmosphere of uncertainty and apprehension within the CBN. 

With no clear criteria for dismissals, employees are left guessing about who might be next in line.

While Cardoso remains tight-lipped about the reasons behind the ongoing staff shake-up, insiders speculate that it is part of his broader agenda to overhaul the institution and root out perceived inefficiencies and malpractices.

The governor’s uncompromising stance has garnered praise and criticism, with some lauding his boldness in tackling longstanding issues within the CBN, while others express concern about the potential impact on morale and organizational stability.

As rumours swirl about the impending sackings, employees brace themselves for further upheaval, unsure of the future. 

One CBN staff member told Nairametrics, “As we speak, no reasons have been given for the sack and no member of the CBN knows the criteria for these exits. We are afraid and no one knows whose turn it is next.” 

However, CBN insiders said those who are victims of sacks are staff members who played active parts in management under the former CBN Governor, Godwin Emefiele.  

Particularly the Development Finance Department, which has been heavily affected by the sacks, insiders said those who have been retrenched directly or indirectly managed development funds such as the Anchor Borrowers Scheme (ABP), Real Sector Support Facility (RSSF), Micro, Small and Medium Enterprises Development Fund (MSMEDF), Agricultural Credit Guarantee Scheme, among others. 

Cardoso is reportedly peeved at how staff members betrayed the central bank in managing the ABP.  

One senior CBN staff member, who cannot be mentioned because he is not authorized to speak, said several staff of the Development Finance Department approved loans for themselves or obtained loans on their companies’ behalf – which clearly violates the CBN rule on conflict of interests.  

Also, some members of the Development Finance Department failed to investigate whether loan seekers even had physical addresses or businesses at all before giving out loans.

“Some of the people who obtained loans from the CBN said they would not pay back, describing their loans as ‘the national cake’. Some refused to repay their loans just because their farms were flooded. 

“The inability to recover the money due to the way the scheme was managed has angered Cardoso, who feels that there were several cases of abuse of office,” the official noted.  

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