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CBN sacks 200 staff members

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No fewer than 200 officials of the Central Bank of Nigeria were on Friday relieved of their duties.

This is an addition to the long list of ongoing disengagements in the apex bank.

This adds to the list of 117 staff sacked by the bank between March 15 and April 11, 2024.

The termination of appointments affects directors, deputy directors, assistant directors, principal managers, senior managers and lower-ranking staff.

Impeccable sources who are staff of the bank confirmed the sack to our correspondent on Friday, saying that those sacked are not less than 200.

They revealed that affected persons include older directors who were not affected by the last round of retrenchment.

One of the sources in a 20-second call with our correspondent simply stated, “It is true and confirmed.”

The staff member who could not disclose further details for fear of victimisation added that the move has caused apprehension among staff of every cadre as the management has not specified any criteria for the decisions.

Another source confirmed the information, indicating that additional dismissals are expected in the months ahead, spread out across staggered phases.

The official said, “It is real and is even more than 200 officials but the actual number is unconfirmed yet. The sack is coming in staggered phases and that is why we can’t confirm the number yet. But it is not less than 200.

“The sacked persons include directors, and other cadres but the ones that are easily known are the directors. Some of the batch of old directors that were not affected during the last round of sacks are now affected.”

The sack letter obtained by our correspondent and issued by the Human Resources Department on May 24, 2024, said the policy was to reorganise the organisation for effective operations.

The letter, lacking a signature read, “The new strategic direction of the bank has been widely publicised. In line with our new mission and vision, the bank is currently undergoing a significant organisational and human capital restructuring process.

“As a result of this review, I have been directed to notify you that your services will not be required with effect from Friday, 24th May 2024.

“Your final entitlements will be calculated and paid to you in due course. Thank you”

In February, at least 1,500 members of staff of the apex bank of Nigeria were redeployed from the headquarters located at Central Area to its Lagos office.

At the time, the CBN said the action was necessitated by several factors, including the need to align the bank’s structure with its functions and objectives and redistribute skills to ensure a more even geographical spread of talent.

It added that it was also in compliance with building regulations, as indicated by repeated warnings from the facility manager, and the findings and recommendations of the Committee on Decongestion of the CBN Head Office.

A memo issued to staff read, “This is to notify all staff members at the CBN Head Office that we have initiated a decongestion action plan designed to optimise the operational environment of the Bank.

“This initiative aims to ensure compliance with building safety standards and enhance the efficient utilisation of our office space”.

Efforts to get the reaction of the bank’s Director of Corporate Communication, Hakama Sidi Ali, was not successful as she did not pick up her call or respond to the text messages to her line.

Business

First Bank confirms Alebiosu as CEO, Ini Ebong as deputy MD

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First Bank of Nigeria (FBN) Limited has confirmed the appointment of Olusegun Alebiosu as its substantive managing director (MD) and chief executive officer (CEO).

In a statement filed on the Nigerian Exchange Limited (NGX) on Wednesday, FBN Holdings, the parent company of the lender, said Alebiosu’s appointment was subject to the approval of the Central Bank of Nigeria (CBN).

He has been serving as the acting managing director of First Bank since April 22.

Alebiosu’s appointment followed the resignation of Adesola Adeduntan, who still had eight months before his contract ended.

FBN Holdings also announced the appointment of Ini Ebong as the deputy managing director (DMD).

Ebong was the bank’s executive director in charge of treasury and international banking from January 2022.

“Before joining FirstBank, he was the head of African Fixed Income and Local Markets Trading, Renaissance Securities Nigeria Limited, the Nigerian registered subsidiary of Renaissance Capital,” FBN Holdings said.

“He also worked with Citigroup for 14 years as Country Treasurer and Sales and Business Head.

“Ini has a passion for market development and has worked actively to drive change and internationalisation of the Nigerian financial markets: foreign exchange, fixed income and securities.

“He has worked closely with regulatory bodies such as the CBN and DMO in assisting with the development of fresh monetary and foreign exchange policies.”

Also, FBN Holdings said Omotunde Alao-Olaifa, the chief financial officer (CFO) of Leadway Holdings, has been appointed as a non-executive director.

Alao-Olaifa is also on the boards of C&I Leasing Pic and Leadway Pensure PFA.

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Tapswap adjourns token allocation date indefinitely

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A popular tap-2-earn app, Tapswap, powered by TON Blockchain, has said the token allocation to users has been indefinitely postponed as the representatives are seeking the best ways to reward the tap-to-earn gamers.

This was disclosed by a Head of Communications, Tapswap, John Robbin, on an X space on Wednesday.

The app, which required users to repeatedly tap the icon in the centre of the Telegram Tapswap bot screen to mine coins, recently gained momentum among Nigerians tapping on their phone screens in pursuit of financial earnings and has amassed over 50 million users since it launched on February 15, 2024.

According to him, the method of token allocation has not yet been ascertained, stressing that the processes cannot be communicated before the allocation.

“The token launch was postponed until July 1. The new date will be communicated.

“We will allocate a significant part of the tokens to the community to retain the tappers. We want you all to be part of the tapswap community.

“We need a token airdrop to be a win-win for all of us. We have started communicating with many exchanges and platforms,” Robbin said.

The app’s communication head also noted that those using the mechanism to farm taps and abuse the game would be banned by running checks from the community members while seeking genuine tappers’ patience.

Speaking on the mining processes, he said, “Just open the app and tap on it; that will give you shares. The more you tap and the more upgrades you do, the more shares you will have when we finalize the tokens on it.

“The more tokens you want to have, the more tapping you have to do.”

On the booster option, which has already ended, the representative said it was not something new, adding, “We have room exponentially faster than we thought, and then to develop the game plan further, we introduced a paid feature to make their capital, but it was not mandated on the users.

“We introduced the limited x2 donation because the new influx of users kept coming in, and we needed them to make something out of it and get a fair allocation at TGE.

“It was a platform that allowed people who joined recently to compete with people who started earlier. It is gone for now, but we are looking forward to using the money we earned from it to improve the game in the future.

“It is all going to our 25 staffers working around the clock to sustain the app. We want to be here for a very long time.”

He also urged people to continue joining the tapping app as there’s time for them to get an appreciable token.

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Naira depreciates at parallel market, official window

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Naira appreciates to N1,419/$ at official market

The naira further depreciated to N1,490 per dollar at the parallel section of the foreign exchange (FX) market on Monday.

The current FX rate represents a 0.34 percent decline from the N1,485 traded on June 14.

Currency traders, also known as bureau de change (BDC) operators, quoted the buying rate at N1,460 and a selling rate of N1,490 — leaving a profit margin of N30.

At the official window, the local currency depreciated by 0.02 percent to N1,483.02 against the dollar on Monday, from N1,482.72 on June 14.

According to the FMDQ Exchange, a platform that oversees the official window, during trading hours, a dollar recorded an intra-day high of N1,514.82 and a low rate of N1,390.

The daily FX market turnover stood at $150.73 million.

At the current FX rates, the gap between the official window and the parallel market is N6.98.

On June 5 Fitch Ratings, a global rating agency, projected naira will end the year at N1,450 to a dollar.

Gaimin Nonyane, director of Middle-East and Africa sovereigns at Fitch Ratings, said despite the volatility experienced by the naira since its floating in June 2023, there are expectations that the fluctuation would reduce by the third quarter (Q3) of 2024.

Nonyane projected a gradual depreciation of the naira in 2025, adding that this depends largely on the FX reform’s momentum.

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Bodex F. Hungbo, SPMIIM is a multiple award-winning Nigerian Digital Media Practitioner, Digital Strategist, PR consultant, Brand and Event Expert, Tv Presenter, Tier-A Blogger/Influencer, and a top cobbler in Nigeria.

She has widespread experiences across different professions and skills, which includes experiences in; Marketing, Media, Broadcasting, Brand and Event Management, Administration and Management with prior stints at MTN, NAPIMS-NNPC, GLOBAL FLEET OIL AND GAS, LTV, Silverbird and a host of others

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