More bad news from CBN

It seems that there has been no short of bad news from the Central Bank of Nigeria (CBN) in the last many months. Many thought that with the dismissal of Godwin Emefiele as the CBN governor, we would bid farewell to all the ills that have beheld the CBN. Not anymore. We are still living with the rapidity with which our currency had fallen with all the wider ramifications in the macro level of the economy, galloping inflation and all that. Since then, the bad news seemed to be cascading. The recent rumpus over the employment of two lady consultants by the CBN governor has added fuel to the surge of what is emanating from the CBN.

A report widely circulated in the Premium Times of February 12, 2025, alluded to the fact that the alleged consultants had been with the CBN since the governor assumed duties in 2023. So, why the fuss now? The report added that the CBN governor ‘arbitrarily hired the women as consultants without following laid down rules, with no terms of reference, deliverables or timelines for the delivery of their consultancies.’ Not only that, but the consultants are also alleged to have been on a payroll of humungous amounts as salaries and allowances.

One of the consultants is said to be earning something close to N50 monthly – a sum equivalent to the earnings of a number of the CBN top-notchers bunched up together. Besides the consultants are also alleged to have disruptive effects on the schedules of the CBN, as the governor could give them any assignment.

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Curiously enough, since the report appeared, the CBN has kept mum on the matter even though one of the consultants is said to have been assigned the function of handling corporate communication. I am surprised that the CBN has kept sealed lip over this matter even though it has agitated the minds of many of us who have kept eagle eyes over happenings there.

Since the arrival of Governor Olayemi Cardoso at the CBN, it has been one controversy after the other. It all began in 2023 with his idea of relocating some departments of the CBN to Lagos, ostensibly for them to be closer to what they are assigned to do. This might be understandable as most of the headquarters of the commercial banks are domiciled in Lagos and there could have been no harm if a CBN department directly supervising them stayed close by. However, the CBN also claimed one of the reasons for the movements was that they wanted to make use of their disused old CBN office in Lagos, as the current head office block in the centre of Abuja was too crowded.

This sounded incredulous and we pooh-poohed the idea as one of those Lagos-centric policies of the new era. Those who have inside knowledge of the goings-on in the CBN say it is laughable for them to claim that it is the lack of office space that prompted the relocation while it is public knowledge that the CBN, besides its overburdened headquarters building, has some other suitable properties within Abuja that could have taken the load of its staff.

Some of these CBN properties have been loaned to its agencies to use, like the one in the Wuse District that is now occupied by one of its agencies. In any case, unlike Lagos which is choked up, there is plenty of space in Abuja for the asking from the FCT to allow CBN to put up whatever structure it wanted.

While that was still raging the governor of the CBN came up with the idea of laying off over 1000 of their employees by dangling before them a N50 billion severance package. There were murmurs here and there that the exercise was targeted. It raised a furore all around. The unions shouted themselves hoarse, yet nobody took notice. Fortunately, the National Assembly took notice. The House of Representatives raised an ad hoc committee to investigate the matter. I have noticed that the committee chaired by Usman Bello Kumo had made some sittings. I have noted that in one of the sittings top officials of the CBN have denied that no staff of the CBN was being forced to quit.

The CBN deputy governor told the ad hoc committee that it was a restructuring exercise that the staff voluntarily signed into for them to make an early exit. That may be true for some of the staff but for quite a number they are leaving due to what they see as an unhealthy atmosphere pervading the CBN. Many of them have been without a schedule since they were employed. Others didn’t even have a chair and table to sit on.

The CBN seems to be creating an unnecessary image problem for itself. The issue of the consultants is not going away. Someone needs to speak up.