The Central Bank of Nigeria (CBN) has started an internal cleanup by secretly transferring top officials, according to reports. The CBN Governor, Olayemi Cardoso, has begun a broad staff audit to redeploy personnel not considered suitable for their role in line with the bank’s new direction. Eight directors were moved to the Financial Sector Surveillance (FSS) Department in the Maitama office. The identities of those sent to the Maitama office are not known except for Philip Yusuf Yila, who served as the Director of the Development Finance Department (DFD) of the CBN under Godwin Emefiele. The Director of Corporate Communications, Dr Isa Abdulmumin, has also been redeployed while Sidi Ali Hakama takes over in an acting capacity. It is unclear why the redeployments were made, but there are fears that more people could be affected. Additionally, there are indications that the CBN may be pushing for the review of the CBN Act as well as the Banks and Other Financial Institutions Act (BOFIA) to strip it of prudential regulations.
Significant changes are underway as the Central Bank of Nigeria (CBN) reshuffles its top officials.
