Connect with us

Business

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

Published

on

 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.

Continue Reading

Business

Turning Africa’s Raw Materials Into Wealth: The ARMS 2026 Industrial Agenda

Published

on

By Joel Ajayi

For decades, Africa’s vast natural resources have powered industries and economies far beyond the continent, while many African countries have remained largely exporters of unprocessed commodities and importers of finished products.

That familiar pattern is now coming under renewed scrutiny as policymakers, researchers, investors and industrialists seek to change the direction of Africa’s resource economy.

At the centre of that conversation is the second edition of the Africa Raw Materials Summit (ARMS 2026), scheduled for October 19 and 20 at the Abuja Continental Hotel, Abuja, under the theme: “From African Feedstock to African Factories.”

Organised by the Raw Materials Research and Development Council (RMRDC), the summit is being positioned as more than another gathering of policymakers and industry stakeholders. It is intended to provide a platform for confronting the structural challenges that have kept African raw materials largely disconnected from local manufacturing.

Africa has for years operated largely within a “pit-to-port” economic model, exporting raw materials while importing expensive finished products.

Speaking at a press conference ahead of the summit on Tuesday in Abuja, the Director-General and Chief Executive Officer of RMRDC, Prof. Nnanyelugo Martin Ike-Muonso, said the event would bring together policymakers, investors, researchers, technology providers and industrialists to develop practical strategies for transforming Africa’s abundant natural resources into industrial wealth.

The challenge, therefore, is not simply the abundance of resources, but the continent’s ability to transform those resources into industrial value, employment, technology and wealth within Africa.

Nigeria alone, according to the RMRDC, has more than $582.4 billion in documented non-renewable natural resources, while the wider continent possesses substantial deposits of critical minerals, agricultural raw materials and industrial feedstock.

Yet, the benefits of this resource endowment have often been constrained by inadequate processing capacity, weak infrastructure, limited technology, financing gaps and fragmented regional value chains.

From Dialogue to Industrial Action

ARMS 2026 builds on the maiden edition held in May 2025, which attracted more than 1,000 delegates from across the world.

The inaugural summit also witnessed the unveiling of the Ten-Year Raw Materials Transformation Roadmap (2025–2034) by the Minister of State for Industry, Senator John Owen Enoh.

The roadmap was designed around areas including technological capability, climate-resilient processing and backward integration, establishing a policy framework for greater domestic utilisation of Africa’s raw materials.

The second edition is expected to move the conversation further by bringing policy, capital, technology and industrial stakeholders around practical mechanisms for turning raw materials into locally manufactured products.

One of the major proposals highlighted by the RMRDC is the 30 per cent Mandatory Value Addition Bill, which seeks to establish a statutory minimum level of value addition to Nigerian raw materials before export.

The Council says the proposed framework could support job creation, import substitution, foreign-exchange conservation and increased manufacturing contribution to the economy.

Building the Infrastructure for Value Addition

The industrial transformation envisaged by ARMS 2026 goes beyond legislation.

A major concern is the “missing middle” between where raw materials are produced and where factories are located.

Poor transportation networks, inadequate cold-chain facilities, weak rural roads, limited testing and certification infrastructure and border-related delays can make locally sourced materials more expensive and less competitive.

Consequently, logistics and infrastructure constitute one of the five principal pillars of the summit.

The objective is to develop more reliable corridors connecting farms and mines with processing centres and manufacturing facilities, thereby reducing losses and improving the movement of industrial inputs.

The Digital Dimension

Technology is also becoming an important part of the Council’s strategy.

The RMRDC says it has developed the Nigeria Integrated Information Statistical System for Raw Materials and Products (NISSRAMP), described as a digital repository containing information on feedstock deposits, specifications, production outputs and industrial absorption rates.

The Council has also highlighted its transition towards paperless operations and its certification as a Data Controller/Processor of Major Importance by the Nigeria Data Protection Commission.

Such digital infrastructure could provide investors and manufacturers with better information about the availability and characteristics of raw materials while supporting more informed industrial planning.

Turning Waste Into Industrial Inputs

Another major component of ARMS 2026 is the proposed expansion of the circular economy.

The summit will examine how agricultural by-products, mine tailings, scrap metals and biomass can be recovered and reused as inputs for new production processes rather than being treated simply as waste.

The RMRDC argues that such an approach could lower raw-material costs while supporting more sustainable and climate-resilient manufacturing systems.

For Africa, where industrial expansion must increasingly balance economic development with environmental considerations, waste industrialisation could become an important part of the continent’s manufacturing conversation.

From National Production to African Value Chains

The African Continental Free Trade Area is another important element of the summit’s agenda.

The RMRDC sees AfCFTA as an opportunity to create regional value chains in which raw materials sourced in one African country can be processed and supplied to manufacturers in another.

Under such a model, Africa would move beyond simply exporting commodities to external markets and develop stronger internal networks for supplying chemicals, refined minerals, agricultural inputs and other industrial materials across national borders.

This approach places regional integration at the heart of Africa’s industrialisation strategy.

Bridging Research and Capital

A recurring weakness in many developing economies is the gap between research and commercialisation.

Innovations may emerge from universities, research institutions and laboratories without receiving the financing, equipment or market connections required to become commercially viable.

ARMS 2026 intends to address that gap through technology commercialisation and capital linkages, connecting research outputs with investors, development finance institutions and industrial off-takers.

The RMRDC has also cited partnerships with the Bank of Industry for commercial-scale post-harvest processing and a South-South technology-transfer partnership with the National Innovation Centre par Excellence in Shanghai, China.

A Larger Industrial Conversation

The scale of ARMS 2026 is expected to be significantly larger than the maiden edition.

The organisers project more than 1,800 delegates from all 54 African countries and global industrial partners.

The programme will feature high-level policy dialogues, technical panels, an advanced raw materials and technology exhibition, industrial site visits and the African Raw Materials Industry Awards.

The exhibition, in particular, is expected to showcase locally fabricated processing machinery, advanced domestic materials, green chemicals and engineered commercial inputs.

Beyond the speeches and exhibitions, however, the real significance of ARMS 2026 will ultimately depend on what happens after the summit.

Africa’s challenge has never been a shortage of raw materials. The more difficult question has been how to transform those resources into factories, products, skilled employment, technology and sustainable economic opportunities.

For Nigeria and the rest of the continent, the proposed shift from “pit-to-port” to “feedstock-to-factory” therefore represents a broader debate about the future structure of African economies.

ARMS 2026 seeks to place that debate firmly on the industrial agenda — with value addition, technology, finance, infrastructure, circular production and regional trade at the centre.

If the commitments and partnerships generated by the summit translate into measurable industrial activity, the event could provide another platform for Africa to examine how its enormous resource base can support stronger domestic manufacturing.

The message from the organisers is clear: the continent’s raw materials should not only leave African soil as commodities; they should increasingly become the foundation for African industrial production

Continue Reading

Trending

error

Enjoy this blog? Please spread the word :)