Anxiety In CBN Over Redeployment Of Eight Directors

In a move that has sent shockwaves through the Central Bank of Nigeria (CBN), eight directors have been redeployed to the Financial Sector Surveillance (FSS) Department in the Maitama office.

VerseNews gathered that the decision has raised concerns among staff members who fear that it could be a prelude to more redeployments and possibly layoffs.

The FSS Department is often seen as a less prestigious posting within the CBN, and the redeployment of eight directors there has been likened to being sent to “Siberia.”

The move has fueled speculation that the CBN is under pressure to re-jig its workforce and more redeployment could be in the offing.

A source said, “nothing happens at the FSS. Instead of sacking these directors, they were sent to Siberia.”

The source also revealed that other directors who were moved last week include Dr. Mahmoud Hassan, formerly of the Monetary Policy Department, who now heads the Trade and Exchange Department, and the former Director of Human Resources, who has been moved to Capacity.

The redeployment started over two weeks ago and has generated anxiety among other staff members of the bank.

The directors were redeployed as part of efforts by the new CBN Governor Yemi Cardoso and his team of Deputy Governors to restructure the apex bank.