Anxiety grips staff over layoffs as CBN redeploys 8 directors to FSS – Newstrends
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Anxiety grips staff over layoffs as CBN redeploys 8 directors to FSS

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CBN Governor, Yemi Cardoso

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)

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Shakeup in EFCC as Olukoyede appoints Chief of Staff, 14 directors

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Ola Olukoyede, Michael Nzekwe

Shakeup in EFCC as Olukoyede appoints Chief of Staff, 14 directors

Michael Nzekwe has been named chief of staff to Ola Olukoyede, the chairman of the Economic and Financial Crimes Commission (EFCC).

Olukoyede promoted all EFCC zonal commands to departments as part of a restructuring effort and named 14 new directors.

The agency’s security unit has been elevated to a department led by a chief security officer, according to a statement released by EFCC spokesperson Dele Oyewale.

“To this effect, 14 new directors have been appointed to head each of the zonal commands,” Oyewale said.

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“Additionally, to bolster and fortify the security architecture of the commission, the security unit of the EFCC has been upgraded to a department with a seasoned officer appointed as director, security and chief security officer.

“A new department has also been created in the executive chairman’s office and it is headed by former Makurdi zonal commander of the EFCC, Mr. Friday Ebelo who also doubles as director and coordinator, special duties at the corporate headquarters of the commission.”

Nzekwe was the commander of the Ilorin zonal command and a course one officer.

Nzekwe, a lawyer and an investigator, has served in various departments in the anti-graft agency — including legal and prosecution, operations (now department of investigations), internal affairs (now department of ethics and integrity), Servicom, and asset forfeiture.

The new chief of staff has attended trainings and courses at home and abroad, including the Advance Defence Intelligence Officers Course organised by Defence Intel Agency (DIA).

Shakeup in EFCC as Olukoyede appoints Chief of Staff, 14 directors

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Fubara speaks on Rivers tanker explosion, pledges support for affected families

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Fubara speaks on Rivers tanker explosion, pledges support for affected families

Rivers State Governor Siminalayi Fubara has characterised the fire incident caused by a tanker transporting Premium Motor Spirit, also known as petrol, as extremely regrettable since it burned motorists and commuters beyond recognition and damaged multiple vehicles.

Fubara pointed out that the collision could have been averted if the drivers had been more cautious.

On Friday night, an explosion occurred between Indorama Gate and Aleto Bridge on the popular and bustling Eleme portion of the East-West Road, which is currently undergoing extensive redevelopment by the Federal Government.

Fubara expressed concern at the terrible sights he witnessed when visiting the scene of the event on Saturday morning, accompanied by the state commissioner of police, Olatunji Disu, and the commissioner of energy and natural resources, Mr. Uchechukwu Nwafor.

Nelson Chukwudi, the Governor’s Chief Press Secretary, released a statement to the media.

Fubara stated that he received a call from the Managing Director of Indorama Petrochemical and Fertiliser Company Limited in Eleme Local Government Area, telling him of the tragedy.

When Fubara learned of the occurrence, he quickly routed a call to security agencies and asked them to visit the location to take command of the area’s security in order to prevent the situation from escalating.

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Fubara stated, “We are here to see for ourselves and get first-hand information about the incident that happened yesterday night.

“About 7.30–8 pm, we got information on the gravity of the incident. I was told that it was caused by a tanker vehicle that was conveying Premium Motor Spirit.

“I got the information through the MD of Indorama, and I immediately alerted the security agencies to make sure they took control of the security situation in the area.

“And from what we are seeing this morning, it was not a pleasant case. We recorded a huge number of vehicles destroyed and lives lost.”

Fubara explained that he had already requested that the relevant government agencies provide him with a detailed account of their findings so that the state government could make appropriate decisions and actions to significantly improve the situation and reduce the negative impact on the affected people.

“I have already asked the relevant agencies to give us a full brief so that we can come into the situation fully by seeing how much we can support the bereaved families and also cushion the effect of the losses, which I believe is no fault of a good number of them.

“We all know the situation on this road. It is really unfortunate. Most of our people, when plying this road, should do so with caution.

“I believe very strongly that this situation would have been avoidable if the motorists had behaved properly. But it is late already. The damage has happened. This is the situation we have found ourselves in. We will see how we can control the aftermath,” he added.

Fubara speaks on Rivers tanker explosion, pledges support for affected families

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Yahaya Bello: Prosecute US school over advance tuition fee payments, Sowore tells EFCC

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Omoyele Sowore

Yahaya Bello: Prosecute US school over advance tuition fee payments, Sowore tells EFCC

Omoyele Sowore, a prominent Nigerian activist, has called for the prosecution of the American International School (AIS) in Abuja for alleged money laundering involving former Kogi state governor Yahaya Bello and his former Chief of Staff, Ali Bello.

In a post on X, Sowore alleged that Bello and his aide laundered close to $1 million under the guise of paying “future school fees” for their children at AIS.

He argued that similar to the American justice system, the AIS should face charges instead of simply refunding the money.

He further urged the Economic and Financial Crimes Commission (EFCC) to ensure that the school discloses all such payments made by Politically Exposed Persons (PEPs). Sowore believes that investigating such payments could reveal widespread financial misconduct and calls for AIS to be converted into a public school if found guilty.

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His words: “The American International School @AISAbuja , where fugitive former Kogi state governor Yahaya Bello @OfficialGYBKogi and his former Chief of Staff, Ali Bello, laundered close to $ 1 million in the name of paying “future school fees” of their wards should be charged and prosecuted for money laundering instead of being allowed to refund the money.

“This is the way the American justice system treats such cases on US soil, the @officialEFCC must also ensure the school discloses all such school fees paid by Politically Exposed Persons (PEPs).

“I am sure there are a lot of discoveries that would be uncovered such that the school could be converted to a public school instead of its criminal connivance with financial criminals fleecing the Nigerian public across board, these must necessary apply to these ultra-expensive private schools in Nigeria.”

Yahaya Bello: Prosecute US school over advance tuition fee payments, Sowore tells EFCC

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