Business

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

Published

1 year 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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Agriculture

PULA, Leadway Assurance Disburse ₦396 Million to Climate-Affected Farmers, Strengthen Food Security Efforts

Published

3 weeks ago

April 24, 2026

The Gleamer

In a major intervention to shield smallholder farmers from climate shocks, agri-insurtech firm PULA has spearheaded the disbursement of ₦396,697,672 in insurance claims to over 40,000 farmers impacted during the 2025 wet season.

The payout, executed in partnership with Leadway Assurance and supported by the Presidential Food Systems Coordinating Unit (PFSCU), covered farmers across Taraba, Borno, Kaduna, and Plateau States who suffered climate-related losses.

The initiative was made possible in part by Bayer Foundation, whose $450,000 premium subsidy support in 2025 wet season helped lower the cost of insurance for thousands of vulnerable smallholders in 8 states, with 4 states receiving payouts. The Foundation is set to scale up its contribution to match the growing aspirations of state governments.

Speaking at the cheque presentation ceremony in Abuja during the 2025 Wet Season Insurance Claims Payout under the National Agribusiness Planning Mechanism (NAPM), PULA’s Nigeria Country Director, Dr. Michael Enahoro, said the initiative goes beyond compensation, insisting that it’s about securing Nigeria’s food systems.

“Our focus is not just on payouts but on increasing food production. We must continue to support farmers who work tirelessly under harsh conditions to feed the nation,” Dr. Enahoro said. He called for stronger policies that directly impact farmers and reaffirmed PULA’s commitment to expanding agricultural insurance as a tool for resilience.

PULA’s data-driven approach to climate risk was key to identifying affected farmers and triggering payments. The company worked with Leadway Assurance to underwrite the risk, while PFSCU aligned the program with the national food security agenda. State governments also supported grassroots enrollment.

Gboyega Lesi, MD/CEO of Leadway Assurance, described the payout as “a reinforcement of a safety net that protects the hard work of thousands of farmers,” adding that “through climate insurance, we ensure that a bad season does not translate into total loss of livelihood.” He commended PULA’s technology and field structure for making rapid, transparent payouts possible.

Ayoola Fatona, Global Head of Agric Solutions at Leadway Assurance, noted that the 2025 wet season brought significant climate variability and yield fluctuations. “The true value of insurance lies in claims payment, especially in challenging periods. Our data-driven partnership with PULA helped mitigate losses,” he said.

Looking ahead, PULA and Leadway Assurance plan to scale coverage to 73,000 farmers in the 2026 farming season, deepening penetration of climate insurance across Nigeria’s food-producing belts.

Commissioners from the beneficiary states commended PULA and Leadway Assurance for de-risking agriculture, restoring farmers’ confidence, and building a more resilient agricultural sector

State-by-state breakdown of claims facilitated by PULA: