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Anxiety grips staff over layoffs as CBN redeploys 8 directors to FSS
Anxiety grips staff over layoffs as CBN redeploys 8 directors to FSS
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.
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, who confirmed the redeployments, told The Nation that “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.
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The redeployment started over two weeks ago and has generated anxiety among other staff members of the bank.
It was reliably gathered that “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.”
One of the affected directors sent to FSS is Mr. Philip Yusuf Yila, who served as the Director of Development Finance of the CBN.
Under Yila’s leadership, the DFD played a crucial role in supporting businesses through increased access to finance for priority sectors under a variety of programmes such as the Anchor Borrowers’ Programme (ABP), the Agri-Business/Small and Medium Enterprises Investment Scheme (AGSMEIS), and the Micro, Small and Medium Enterprises Development Fund (MSMEDF) and disbursement to households and small businesses during the outbreak of the COVID-19 pandemic to cushion the impact of the consequent lockdown.
The DFD reduced the cost of finance for priority sectors through a variety of initiatives, including the Interest Rate Reduction Scheme (IRS) and the Refinancing and Rediscounting Scheme (RRF).
The new CBN Governor, Yemi Cardoso, has criticised these quasi-fiscal policies of his predecessor, Godwin Emefiele, saying that they resulted in N10 trillion being pumped into the economy through intervention programmes.
Cardoso has pledged to address these issues and restore corporate governance at the CBN.
The redeployment of eight directors to FSS is likely to further fuel the speculation that the CBN is considering more drastic measures directed at the workforce.
Anxiety grips staff over layoffs as CBN redeploys 8 directors to FSS
(NATION)
News
Edo Gov Okpebholo freezes govt accounts, reverses ministry’s name
Edo Gov Okpebholo freezes govt accounts, reverses ministry’s name
Edo State Governor, Monday Okpebholo, has directed the immediate freezing of all state-owned bank accounts.
In a statement issued on Thursday by his Chief Press Secretary, Fred Itua, the governor stated that the accounts would remain frozen until further notice.
He instructed commercial banks, ministries, departments, and agencies (MDAs) to comply with the order immediately or face severe consequences.
The statement reads: “All state bank accounts with commercial banks have been frozen. Commercial banks must comply with this order and ensure that not a single naira is withdrawn from government coffers until further notice.
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“Heads of Ministries, Departments, and Agencies must ensure full compliance without delay.
“Following necessary investigations and reconciliations, the governor will take appropriate action and decide on the way forward. For now, this order remains in effect.”
Okpebholo also directed relevant agencies to revert the name of the Ministry of Roads and Bridges to its previous title, the Ministry of Works, a change made during the Godwin Obaseki administration.
“It is odd to name a government institution the Ministry of Roads and Bridges, especially when not a single bridge was built by the previous administration — not even a pedestrian bridge.
“In the coming days, we will examine further actions taken by the previous administration and make decisions that serve the best interests of the state,” the statement added.
Edo Gov Okpebholo freezes govt accounts, reverses ministry’s name
News
Israel-Palestinian conflict: Two-state solution is a deception, says Gumi
Israel-Palestinian conflict: Two-state solution is a deception, says Gumi
Prominent Islamic scholar Dr. Ahmad Mahmud Gumi has criticized the widely discussed two-state solution for the Israel-Palestine conflict, calling it a “deception.”
His remarks followed a recent summit of the Organisation of Islamic Cooperation (OIC) in Riyadh, where President Bola Tinubu and other leaders condemned Israel’s actions in Gaza and urged an end to hostilities.
In an interview with Daily Trust at his Kaduna residence, Gumi argued, “This Two-State Solution is a deception. No Israeli will allow a Palestinian to survive, and Palestinians will never allow Israel to survive.
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The only solution is to dissolve the two states and create a democratically electable region.”
Gumi commended the OIC’s support for Palestine, noting that Muslims and Arabs worldwide increasingly see the treatment of Palestinians as “genocide” and accuse Israel of human rights abuses.
He also called for a return to the pre-1948 structure, where Palestinians, Jews, and Christians lived together, suggesting a single, inclusive state that allows peaceful coexistence.
“When I hear people talking about Two-State Solutions, I know they are just deceiving themselves,” Gumi added, advocating for a unified region where people of all faiths can live together, similar to the multi-faith coexistence seen in countries like the United States.
Israel-Palestinian conflict: Two-state solution is a deception, says Gumi
News
Court sacks Ondo LP candidate, two days to governorship poll
Court sacks Ondo LP candidate, two days to governorship poll
The Labour Party candidature of Olusola Ebiseni for the upcoming gubernatorial election in Ondo State has been nullified.
The nullification follows the sacking of Ebiseni by the Court of Appeal, sitting in Abuja, on Wednesday.
The governorship election of the southwest State will hold on Saturday, 16 November 2024.
The judgement disqualifying Ebiseni was unanimously delivered by the three members of the panel and read out by the chairman of the panel, Justice Adebukola Banjoko.
The judgment granted the prayer of the Labour Party who preferred the case against Ebiseni.
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Justice Banjoko held that, “the appeal marked CA/ABJ/CV/1172/2024 brought by the Labour Party against Chief Olusola Ebiseni and two others is allowed.”
Justice Banjoko further stated that the Certified True Copy of the judgment would be provided to the parties involved in the appeal as soon as possible for their review.
Recall that Justice Emeka Nwite of the Federal High Court in Abuja had ordered the Independent National Electoral Commission to accept and recognize Olusola Ebiseni and Ezekiel Awude as the Labour Party’s governorship and deputy governorship candidates for the November 16 Ondo State governorship elections.
Justice Nwite confirmed that the second primary election conducted by the Labour Party, which resulted in Ebiseni and Awude being selected as candidates, was valid and should be upheld by INEC.
However, the appellate court has now overturned the judgment of the trial court’s judgment.
Court sacks Ondo LP candidate, two days to governorship poll
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