The Central Bank of
Nigeria (CBN) says it has expanded the number of departments under its
establishment to 25, up from previous 17 departments, due to the
ongoing banking reforms industry.
The new organisational structure becomes effective on March 1.
It is uncertain
what factors necessitated the expansion rather than cutting down on the
number of its departments, and workforce, which many believe are
already over-bloated and responsible for the lax supervision and
monitoring of financial operations leading to the crisis in the
industry.
The spokesman for
the CBN, Mohammed Abdullahi, could not give explanations to these, as
he refused to pick his calls when NEXT contacted him.
But the Central
Bank said in the statement that the move is the product of an exercise
it carried out in July last year, with the view to promoting efficient
and effective operations and in conformity with global best practise,
among others.
Announcing the cuts
in a statement issued online yesterday, the banking industry regulator
explained, “As part of the ongoing efforts aimed at improving
accountability, communication and efficiency as well as effectiveness
in actualising CBN’s strategic objectives (ACE), the Board of CBN has
approved a new organisation structure for the Bank, effective March
1st, 2010.”
The CBN statement
listed the objectives of the new structure to include “The development
of a more functional organisation structure, alignment of the structure
in line with the Bank’s mandate and strategy, promotion of efficient
and effective operations, building synergy with both internal and
external stakeholders of the Bank, facilitation of information flow and
integrated data management, and facilitation of the achievement of key
deliverables of management in conformity with global best practice.”
The new structure
According to the
Central Bank, the new structure will be run under the leadership of
five directorates which include the Governors, Corporate Services,
Economic Policy, Financial System Stability and Operations, which, in
turn will be divided into 25 departments under their respective
leadership, adding that there will now be 91 divisions and 198 offices.
The Central Bank of Nigeria embarked on an industry wide reforms
last year, under the leadership of Sanusi Lamido Sanusi in June 2009.
The reforms have so far seen some bank chiefs exit their positions and
about $4 billion invested to bailout ailing banks on grounds of
excessively high level of non-performing loans in the five banks which
was attributable to poor corporate governance practices, lax credit
administration processes and the absence or non-adherence to the bank’s
credit risk management practices.
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