Transparency Advocacy For Development Initiative (TADI) On Recent Media Reports Concerning The CBN

Press Statement ByTransparency Advocacy For Development Initiative (TADI) On Recent Media Reports Concerning The CBNThe Transparency Advocacy for Development Initiative (TADI) has carefully reviewed recent media reports and public concerns regarding the Central Bank of Nigeria (CBN) and its management. After thorough findings, we wish to clarify the following.....KINDLY READ THE FULL STORY HERE▶

Engagement of Consultants
The hiring of two consultants by Governor Olayemi Cardoso was conducted in full compliance with the CBN’s procurement policies. These consultants were engaged to provide specialized expertise critical to the bank’s operations and overall efficiency.
Relocation of Departments to Lagos
The decision to relocate certain departments to Lagos was made strategically to enhance operational effectiveness and bring services closer to key stakeholders. This move aligns with global best practices aimed at improving institutional performance.
Restructuring and Workforce Optimization
The reported layoff of over 1,000 employees is part of a broader restructuring effort designed to strengthen the CBN’s effectiveness. This process is being handled with due consideration for all affected personnel, ensuring fairness and compliance with labor regulations.
We strongly caution against misinformation and unwarranted speculation that may mislead the public and distract the CBN from its mandate. The bank remains committed to upholding transparency, accountability, and economic stability for Nigeria.

We appreciate the public’s understanding and support as the CBN continues to implement necessary reforms for a more efficient and effective financial system.

Signed,
Amb. Yomi David
Executive Director, TADI
Transparency Advocacy for Development Initiative (TADI)