Business

CBN Attributes Sack Of 1,000 Staff To Digitisation, Operational Restructuring

Published

11 months ago

January 5, 2025

Central Bank of Nigeria ,CBN, has confirmed the voluntary resignation of 1,000 staff members as part of a restructuring process driven by its ongoing adoption of digital technologies.

The move is aimed at streamlining operations and addressing redundancies arising from the transition to a more tech-driven banking model.

This was revealed by Bala Bello, a deputy director representing the CBN Governor, Yemi Cardoso, during an appearance before an ad hoc committee of the House of Representatives probing the initiative.

The committee was established following concerns over the scale of the resignations and the payment of ₦50 billion in compensation to the departing employees.

The committee was set up following concerns over the mass exit and the ₦50 billion compensation payout.

“You are very much aware, chairman, that the entire world is going through a process of digitising its operations. When that happens, a lot of opportunities are created, just as redundancies are equally created,” Bello noted.

The bank’s restructuring efforts have also been influenced by the lack of vacancies at the managerial level, which has caused stagnation for many staff members.

“It gets to the level where you have, for example, 30 departments in the Central Bank. You cannot have 60 directors manning 30 departments. It’s not going to work. So, once those vacancies are filled, some people despite being highly qualified, very able, and very willing find there are no vacancies.

Then they get to a level where they are stagnated for a period of time”, he said.Interestingly, some of the exiting staff members have plans to establish their own banks, with assurances of support from the CBN.“A lot of opportunities are out there.

Among the people who have left, there are three or four who are going to set up a bank. We have assured them that if they need the support of the Central Bank, we will provide it”, Bello revealed.

According to Bello, the programme was not imposed by the bank but was instead a response to popular demand from staff members seeking career alternatives.

“In this particular case, based on popular request and I came with the union leader of the bank the staff requested that a similar opportunity should be extended to other categories of staff”, he explained.

He further emphasised that the process was entirely voluntary, with no coercion or intimidation involved.

“This is the first time in the over 60-year history of the bank that an early exit programme has been extended to all willing staff members. It is not mandatory, and no one is forced to leave”, he added.

The House of Representatives, under the chairmanship of Bello Kumo, is currently probing the programme to ensure transparency. Kumo assured the CBN of a fair hearing in the investigation.

The CBN’s restructuring efforts under Governor Cardoso have drawn mixed reactions. While the bank has been praised for eradicating multiple exchange rates and clearing some obligations, concerns persist over inflationary pressures and the lack of stability in the foreign exchange market.

Cardoso was appointed by President Bola Tinubu in September 2023 following the suspension of Godwin Emefiele.The CBN governor, a former Citigroup executive, promised a radical departure from his predecessor and a return to orthodox banking regulations.In the past 15 months, the CBN has been praised for clearing some outstanding obligations.

Also lauded for the eradication of the multiple exchange rates but the lack of stability in the FX market remains a concern.

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Business

FG, Investonaire Academy Unveil National Programme to Equip 100,000 Youths with Financial Skills, Digital Wealth Tools

Published

6 days ago

November 25, 2025

The Gleamer

By Joel Ajayi

The Federal Government, in collaboration with Investonaire Academy, has unveiled a nationwide financial literacy and wealth-building programme targeting more than 100,000 young Nigerians. The initiative is designed to equip participants with practical skills in budgeting, saving, investing, asset building, and long-term financial planning, positioning them for sustainable prosperity in a rapidly evolving economy.

Launched on Tuesday in Abuja, the Honourable Minister of Youth Development, Comrade Ayodele Olawande, described financial literacy as a necessary survival tool for young people confronting today’s economic realities.

He noted that the initiative represents the foundation of a broader vision expected to extend beyond Nigeria to other African nations and global markets.

Reaffirming the Federal Government’s commitment to supporting over 4,000 corps members annually, the Minister said the programme will provide platforms, resources, and skills needed for both job creation and employability.

“The young people who understand money — how to save, invest, build assets, and manage risk — are the ones who will lead Nigeria into prosperity,” he said.

A major highlight of the launch was the expansion of the Nigeria Youth Academy, a digital platform offering mentorship, training, and startup support. According to the Minister, more than 200 startups will receive empowerment through the Academy’s e-app platform before the end of the year.

He stressed the need for deeper collaboration with private organisations, innovators, and youth-focused groups, noting that government alone cannot drive youth development. He further encouraged young Nigerians to embrace skills acquisition, innovation, and digital enterprise, saying these remain critical to reducing the desire for migration and increasing self-reliance.

Outlining the Ministry’s long-term commitments, Olawande emphasized three priorities: supporting youth innovation, equipping them with growth tools, and safeguarding millions of Nigerian youths under the Ministry’s mandate.

Speaking at the launch, Sebastien Sicre, Chief Operating Officer of Investonaire Academy, said the programme was crafted to revolutionize the way Nigerian youths learn and apply financial knowledge. He highlighted the Academy’s gamified Learning Management System (LMS), which offers interactive learning tools, community forums, and real-time mentorship to make financial education engaging and accessible.

Complementing the digital platform is a new 200-square-metre physical training centre in Abuja, opposite the NNPC Towers, where in-person workshops and mentorship sessions will take place.

The curriculum covers key global asset classes — including equities, commodities, forex, and indices — ensuring participants gain a broad understanding of financial markets.

Sicre added that with Federal Government backing, the programme seeks to unlock new opportunities, strengthen youth participation in the digital economy, and reward outstanding participants through a $1 million funding pool to support new and existing ventures.

International Programme Director of Investonaire Academy, Dr. Enefola Odiba, explained that the initiative aims to bridge long-standing gaps in financial education among Nigerian youths. While schools teach many subjects, he said, essential financial skills are often missing.

“Many people can earn money — earning money can be easy. The real challenge is retaining, managing, and growing that money,” he noted.
Referencing the Central Bank of Nigeria’s definition of financial literacy, Odiba stated that implementation remains a major national challenge. He said the initiative brings together government agencies, youth groups, academic institutions, and private-sector partners to translate strategy into measurable impact.

The programme’s curriculum covers budgeting, saving, investing, and financial planning — areas where many young people struggle. By offering practical training, real-world insights, and guided mentorship, the initiative aims to build a generation of financially empowered youth capable of driving innovation, entrepreneurship, and sustainable economic growth.

With this partnership, the Federal Government and Investonaire Academy share a common goal: to empower young Nigerians with the financial intelligence and digital tools needed to build wealth, grow businesses, and transform the nation’s economic future.

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