Why CBN deputy governor, Bala Bello, was ‘sacked’

THE Central Bank of Nigeria (CBN) erupted in jubilation following the ‘sacking’ of Deputy Governor, Operations Directorate, Bala Mohammed Bello, just two and a half years after his appointment on October 5, 2023.

An investigation by Pinnacle Daily revealed that former staff and insiders described his dismissal as long overdue, citing years of alleged misconduct, controversial redeployments, and staff grievances during his tenure.

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President Bola Tinubu, in a statement from his Special Adviser on Information and Strategy, Bayo Onanuga, has nominated former Securities and Exchange Commission Director-General Lamido Yuguda as Bello’s replacement, pending Senate confirmation.

Meanwhile, Bello has been appointed Special Adviser to the President on Political Economy, a move believed to both preserve political alliances and pacify northern discontent following recent appointments.

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‘Bello’s SA appointment is to pacify the North’
The appointment of Bello as Special Adviser is based on two factors, according to top management sources from both the CBN and Aso Villa. Bello is believed to be a political ally of a senior security official close to the president, whose advice was sought on how best to manage the situation.

The second reason for his appointment was the need to address growing discontent in the North following Tinubu’s recent political appointments. This includes a general, Christopher Gwabin Musa’s replacement of Mohammed Badaru Abubakar as Minister of Defence and the replacement of the immediate past APC chairman, Abdullahi Ganduje, by Humanitarian Affairs Minister Nentawe Yelwata.

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