CBN Shakeup: Eight Directors Redeployed Amid Staff Concerns

The Central Bank of Nigeria (CBN) has witnessed a significant shakeup, with eight directors being redeployed to the Financial Sector Surveillance (FSS) Department in Maitama, sparking concerns among employees about potential further redeployments and job cuts.

The decision to shift these directors to the FSS Department, traditionally perceived as less prestigious within the CBN, has raised eyebrows and prompted apprehension among staff members, who view this move akin to a less desirable posting, often colloquially referred to as “Siberia.”

There is speculation that this redeployment is part of a larger CBN workforce reorganization strategy. Some within the corporation are concerned that this decision may lead to additional significant staff reallocations or perhaps layoffs.

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Among the internal concerns, a source mentioned the FSS Department’s perceived insignificance, implying that this transfer could be considered as a lateral shift rather than a punitive step against the impacted directors.

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Other major changes within the CBN have occurred recently, including Dr. Mahmoud Hassan’s relocation from the Monetary Policy Department to the Trade and Exchange Department. In addition, the former Human Resources Director has been moved to the Capacity Department.

These strategic changes, initiated by the new CBN Governor Yemi Cardoso and his team of Deputy Governors, are part of broader efforts to restructure the apex bank. The ongoing reshuffling, which commenced over two weeks ago, has created an atmosphere of uncertainty and concern among the bank’s employees regarding potential future changes in the organizational landscape.

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