Recently, the Central Bank of Nigeria (CBN) has been thrust into the spotlight due to chaotic mass staff transfers and the abrupt sacking of elite staff under a so-called restructuring exercise.
At the center of this upheaval is Governor Olayemi Cardoso, yet it is Deputy Governor of Corporate Services, Bala Bello, who is often pointed to as the man behind the chaos.
Bala Bello’s rapid rise from a modest career to Deputy Governor is seen by many as a testament to how political connections can grant access to Nigeria’s top institutions.
In January 2003, then CBN Governor Chief Joseph Sanusi conducted a rigorous recruitment exercise to hire the best graduates to lead the strategic transformation of the CBN. Despite political pressures, Sanusi maintained the highest integrity, selecting the top 1% of 40,000 candidates. This meritocratic approach ensured that even those without influential backgrounds could become employees of Nigeria’s elite public institution.
Bala Bello participated in this 2003 recruitment but did not make the cut after the first aptitude test. Yet, two decades later, he was appointed Deputy Governor. His career progression, outpacing his intellectual peers, underscores the influence of political maneuvering in public institutions.
Bala Bello’s tenure as Deputy Governor has been marked by significant controversy. His actions have allegedly undermined the CBN’s integrity, a stark contrast to the merit-based culture fostered by previous governors like Charles Soludo. Soludo’s tenure continued Sanusi’s meritocratic practices, but the culture shifted under Sanusi Lamido, who brought in friends and family, altering the bank’s strategic direction.
Godwin Emefiele perpetuated this trend, albeit focusing on lower-level hires. By the time Olayemi Cardoso assumed office, he inherited a CBN rife with staffing issues and internal strife. Instead of experienced deputies, Cardoso got Bala Bello, described by critics as inexperienced and divisive.
Bala Bello’s actions at the CBN have drawn significant criticism:
1. **Cancellation and Re-registration of Contractors**: Overturned existing contracts prematurely, favoring new entities, some reportedly unqualified.
2. **Contract Overreach**: Awarded contracts beyond his approval limits.
3. **Staff Transfers**: Reassigned procurement staff, replacing them with loyalists and marginalizing certain demographics.
4. **Unapproved Terminations**: Dismissed directors and executives without board consent.
5. **Unlawful Restructuring**: Conducted a restructuring exercise without legal approval, disproportionately affecting certain ethnic and religious groups.
6. **Nepotism**: Employed his brother, bypassing policies against hiring siblings.
7. **Lack of Permanent Appointments**: Kept departments under acting directors, consolidating power.
8. **Overruling Cardoso**: Allegedly manipulated Cardoso into unauthorized policy changes.
9. **Targeted Dismissals**: Terminated high-performing staff from Sanusi’s tenure, eliminating opposition.
To understand Bala Bello’s impact, one must look at his tenure at the Nigeria Export Import Bank (NEXIM), where he similarly caused chaos, dismissed staff without due process, and awarded contracts to related entities.
Cardoso now faces a critical decision: to restore the CBN’s integrity or allow it to decline further. He must reassess all termination decisions and seek reconciliation over recrimination. With looming court cases and investigations, Cardoso’s actions will determine whether the CBN can recover its lost trust and professionalism.
The CBN, President Bola Tinubu, and Nigeria cannot afford another international embarrassment. It is imperative for Cardoso to lead the healing of the Central Bank of Nigeria.
**Will Cardoso be the healer or the cancer?** Time will tell. We are all watching.
