TADI Backs CBN’s Recent Reforms, Clarifies Relocation and Layoffs

By Iyojo Ameh

The Transparency Advocacy for Development Initiative (TADI) has responded to recent media reports and public concerns surrounding the Central Bank of Nigeria (CBN) and its management, providing clarifications on key decisions made by the apex bank.

In a press statement issued on Monday in Abuja, Amb. Yomi David, Executive Director of TADI, explained that the changes implemented by CBN Governor Olayemi Cardoso were necessary to enhance operational efficiency and align with global best practices.

TADI clarified that the engagement of two consultants by the CBN Governor was conducted in strict compliance with the bank’s procurement policies. According to Amb. David, the consultants were hired to provide specialized expertise essential for the bank’s operations and to improve overall efficiency.

Addressing the relocation of certain CBN departments to Lagos, TADI noted that the decision was strategically made to enhance operational effectiveness and bring services closer to key stakeholders. This approach, according to the advocacy group, aligns with international standards aimed at boosting institutional performance.

TADI also shed light on the reported layoff of over 1,000 employees, describing it as part of a broader restructuring initiative aimed at strengthening the CBN’s operational effectiveness. Amb. David emphasized that the process was carried out with fairness and full compliance with labor regulations to ensure adequate consideration for all affected staff.

The organization cautioned against the spread of misinformation and baseless speculations that could mislead the public and distract the CBN from fulfilling its mandate. TADI reiterated the CBN’s commitment to maintaining transparency, accountability, and economic stability in Nigeria.

The advocacy group called on the public to support the CBN as it continues to implement necessary reforms designed to build a more efficient and effective financial system for the country.