In a surprising move, the Central Bank of Nigeria ,CBN, has redeployed eight directors to the Financial Sector Surveillance ,FSS, Department in the Maitama office.
This is a decision that has raised concerns among staff members .
The FSS Department is considered less prestigious within the CBN, and the redeployment has been met with concerns among staff, who fear it might be an indication to more reshuffling and possible layoffs.
The FSS Department is perceived as a less prestigious posting within the CBN, leading to speculation that these redeployments are akin to being sent to a less desirable location. The move has sparked rumors that the CBN is facing pressure to restructure its workforce, possibly leading to more redeployments in the future.
Sources within the CBN have confirmed the redeployments, expressing concerns about the implications for the affected directors. The reshuffling, which began over two weeks ago, is seen as part of efforts by the new CBN Governor, Yemi Cardoso, and his team of Deputy Governors to restructure the apex bank.
Among the directors affected is Mr. Philip Yusuf Yila, formerly the Director of Development Finance at the CBN. Under Yila’s leadership, the Development Finance Department played a crucial role in supporting businesses through various finance access programs.
However, the new CBN Governor, Yemi Cardoso, has criticized some of these quasi-fiscal policies initiated by his predecessor, Godwin Emefiele.
The redeployment of directors to the FSS Department is seen as a strategic move, and it has intensified speculations about more drastic measures directed at the CBN’s workforce in the future. This development aligns with Governor Yemi Cardoso’s commitment to address certain issues and restore corporate governance within the CBN.
As the CBN undergoes these changes, employees are left speculating about the potential for further restructuring and the overall impact on the workforce. The situation has created an atmosphere of uncertainty within the institution, as staff members await more details about the ongoing reshuffling.
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