CBN Issues Warning To Nigerian Banks Over Use Of Contract Staff

The Director of Banking and Payments System Department of the Central Bank of Nigeria, ‘Dipo Fatokun, has warned banks in the country against using contract staff for sensitive duties.

This is because a temporary staff may not have a stake in the bank, he said. Hence, only permanent staff should be given roles or responsibilities that will expose them to critical functions of a bank.

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“If you are giving somebody an authority to approve transactions of high magnitude, and he does not have a stake in your bank, then you are already exposing yourself. So, this been going on and I believe many banks understand the need to rely on their key staff for major duties. That is one of the reasons, the fraud attempts have been rising, but the value lost declining”.

He spoke at the unveiling of the Nigeria Electronic Fraud Forum (NeFF) report during the weekend in Lagos.

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Daniel Enisan is a content writer at With a degree in mass communication, Daniel is a full breed journalist. Daniel is a realist, loves the use of sarcasm, a movie and music junkie. He is also a poet and a good listener.

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