CBN sacks 200 staff members

On Friday, the Central Bank of Nigeria terminated the employment of over 200 officials, further expanding the ongoing wave of dismissals within the institution.

This recent action follows the earlier sacking of 117 employees between March 15 and April 11, 2024. The individuals affected by these terminations include directors, deputy directors, assistant directors, principal managers, senior managers, and lower-ranking staff members.

Reliable insiders from the bank informed our reporter on Friday that over 200 employees have been laid off. They disclosed that among those affected are senior executives who were spared during the previous round of layoffs. In a brief 20-second conversation, one of the informants bluntly affirmed, It’s true and verified.

A staff member, who chose not to provide more information out of fear of retaliation, mentioned that the recent decision by management has caused worry among employees at all levels due to the lack of specific criteria.

Another source corroborated this, suggesting that more layoffs are anticipated in the coming months in multiple stages.

The source stated that over 200 officials are expected to be affected, primarily directors and other positions. While the exact number remains unconfirmed due to the phased nature of the layoffs, it is estimated to exceed 200. Notably, some previously untouched senior directors are now included in this round of dismissals.

On May 24, 2024, our correspondent received a termination letter from the Human Resources Department stating that the organization is undergoing a restructuring to enhance efficiency.

The unsigned letter mentioned that the bank’s new strategic direction has been widely communicated and as part of this transformation, there will be changes in staffing. Consequently, it was conveyed that your employment with the bank will cease on Friday, May 24, 2024.

Your final benefits will be calculated and disbursed to you in a timely manner. Thank you In February, over 1,500 employees of the Central Bank of Nigeria were transferred from the headquarters in Central Area to the Lagos office.

The CBN stated that this move was necessary to restructure the organization in line with its goals and functions, as well as to distribute skills more evenly across different locations.

Additionally, it was done to comply with building regulations following warnings from the facility manager and recommendations from the Committee on Decongestion of the CBN Head Office.

A memorandum was sent out to employees stating that a decongestion action plan has been put into effect at the CBN Head Office to improve the Bank’s operational environment.

The goal of this initiative is to adhere to building safety regulations and make better use of office space. Attempts to reach the bank’s Director of Corporate Communication, Hakama Sidi Ali, for comment were unsuccessful as she did not answer calls or respond to text messages.