In a series of sweeping reforms that have left many within Nigeria’s apex bank unsettled, President Bola Tinubu’s administration continues its bold restructuring of the Central Bank of Nigeria (CBN). With a three-stage agenda already underway, the latest phase targets a massive downsizing of 6,000 staff before December 10, 2024.
Stage 1: The Purge of Emefiele’s Loyalists
The restructuring began with the forceful retirement, termination, and dismissal of over 400 senior staff, allegedly linked to the tenure of former CBN Governor, Godwin Emefiele. The move was framed as a clean-up operation to rid the institution of “Emefiele’s actors and actresses.” Critics, however, claim these vacancies have been strategically filled with loyalists of the current administration, raising questions about transparency and inclusivity.
Stage 2: Relocation Chaos and Targeted Transfers
The second phase involved the relocation of critical CBN departments to Lagos, sparking widespread disruption. Over 2,300 employees, including married women and other vulnerable staff, were selectively transferred to Lagos in what some describe as a deliberate strategy to force resignations. Many of these staffers, unable to cope with the sudden changes, eventually left the institution. Predictably, the resulting vacancies were filled with individuals perceived to align with the government’s agenda.
Stage 3: Mass Layoffs Under the Guise of an ‘Exit Package’
The ongoing third stage introduces an early exit package marketed as a “Greek offer” to incentivize voluntary resignation. The aim: to trim 6,000 employees from the workforce within 72 hours. Those who refuse the package face a daunting Competency-Based Test (CBT). Failure to pass the test means termination without benefits, an ultimatum critics label as coercive and unjust.
The process is reportedly spearheaded by PWC, acting as consultants, with new vacancies expected to follow the now-familiar pattern of being filled with government allies. Under the leadership of newly appointed CBN Governor, Dr. Olayemi Cardoso, the restructuring is seen by some as a consolidation of power rather than genuine reform.
This high-stakes shake-up has drawn comparisons to past political figures like Nuhu Ribadu, Nasir El-Rufai, and Femi Fani-Kayode, who once wielded immense power only to later find themselves on the receiving end of political upheaval. As one observer noted, “What goes around comes around; today’s victims may be tomorrow’s villains.”
The reforms have elicited mixed reactions. Proponents argue that the shake-up is necessary to revitalize the CBN and align it with national development goals. Critics, however, contend that the process reeks of favoritism, high-handedness, and disregard for employee welfare.
As December 10 approaches, all eyes remain on the CBN, wondering whether these drastic measures will deliver the promised transformation or deepen the challenges facing Nigeria’s central banking system.
Will this restructuring pave the way for a stronger, more accountable CBN, or will it further polarize an already divided workforce? Only time will tell. But one thing is clear: the stakes have never been higher for the institution and its employees.
PIONEER NEWS 