From Overcrowding to Overhaul
According to multiple verified reports, the CBN headquarters in Abuja was designed to accommodate about 2,700 personnel. Yet, during the administration of former President Muhammadu Buhari, staffing ballooned to over 4,200 people — many allegedly the children of politically connected elites, particularly from the North.
In some cases, these individuals were said to have no clear job descriptions but still collected full salaries.
Many lacked the necessary qualifications and were reportedly unwilling to work outside Abuja.
When President Tinubu took office in 2023, one of his boldest early moves was to approve the relocation of certain CBN departments from Abuja to Lagos, a decision that directly affected many of these staff. Faced with the choice to move or resign, a significant number chose the latter.
1,500 Staff Relocated, 1,000 Walk Away
Early in 2024, the CBN, under Governor Olayemi Cardoso, announced that 1,533 staff would be transferred to Lagos and other regional branches. The stated reasons included decongesting the headquarters, enhancing operational efficiency, and redistributing technical expertise.
Simultaneously, the bank rolled out an Early Exit Programme — a voluntary resignation package offering two years’ worth of salary and full benefits.
Around 1,000 staff accepted this deal, many reportedly aware that upcoming internal competency exams could expose their lack of qualifications.
Legal and Legislative Drama
Not everyone left quietly. 33 former CBN employees have filed a ₦30 billion lawsuit against the bank, alleging unfair dismissal and violations of constitutional rights.
Meanwhile, the House of Representatives has ordered a suspension of the retirement scheme pending a full investigation, citing concerns about due process and transparency.
The Money Trail and the Political Fallout
Tinubu’s reforms haven’t just been about staff numbers — they’ve also targeted the shadowy financial networks that have long exploited Nigeria’s forex system.
Shortly after taking office, investigators reportedly uncovered a CBN account with $20 million belonging to a six-year-old child of a former president’s relative. This raised suspicions of elite forex racketeering under the previous administration, where dollars were bought at subsidized CBN rates and resold for huge profits through Bureau De Change operators.
The result? Importers, manufacturers, and ordinary Nigerians struggled to access dollars, while the naira weakened sharply. By narrowing the gap between CBN’s official rate and the parallel market, Tinubu’s team effectively shut down much of the BDC profiteering business — angering those who had benefited from the old system.
Why the North’s Political Class is Pushing Back
Critics say much of the backlash is politically motivated.
The Hausa-Fulani elite, who held tight control over key federal institutions during Buhari’s era, have lost major economic lifelines — from the removal of petroleum subsidies to the crackdown on CBN forex abuse.
The subsidy system, once a cash cow for corrupt operators, had allowed some to submit false import documents and collect billions without delivering fuel. Now, with that stream cut off, petroleum theft drastically reduced, and CBN forex arbitrage curtailed, the beneficiaries are scrambling to regain influence.
Restructuring for the Future
Tinubu’s administration is also pushing for tax reforms aimed at letting states generate and keep more of their own revenue — a move that could end the decades-old culture of over-reliance on federal allocations.
The president’s critics accuse him of favoring Yoruba appointments in strategic positions. Supporters counter that in a high-stakes reform era, he is choosing people he can trust — just as past presidents favored their own regional allies.
Why This Matters for Nigeria’s Economy
The CBN shake-up is not just about numbers. It’s about breaking entrenched systems of privilege and corruption that have stifled economic growth for years. By forcing unqualified hires out, curbing forex manipulation, and dismantling subsidy fraud, Tinubu is waging an economic war that could either reset Nigeria’s financial sector or deepen political divides.
Whether you support him or not, one thing is clear:
This is the most aggressive attempt to reform the CBN in decades — and those who profited from the old order are not going quietly.
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