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CBN Terminates Employment of 200 Staff Members

Published by Tope Fakinlede on May 24th, 2024.

CBN Terminates Employment of 200 Staff Members

On Friday, the Central Bank of Nigeria (CBN) dismissed at least 200 of its employees, adding to the series of ongoing terminations within the institution. This recent round of layoffs follows the dismissal of 117 staff members between March 15 and April 11, 2024.

The affected employees span various ranks, including directors, deputy directors, assistant directors, principal managers, senior managers, and lower-level staff. Sources within the bank confirmed the news, revealing that this round of layoffs included some older directors not affected by previous terminations.

One source, in a brief call, confirmed the news, stating, “It is true and confirmed.” However, due to fear of retaliation, the source did not provide further details, noting that the criteria for the layoffs were not made clear by management, causing widespread anxiety among employees.

Another insider corroborated the information, indicating that more dismissals are expected in the coming months, phased over time. “The sack is real and involves more than 200 officials, though the exact number is unconfirmed. Directors and other ranks are affected, particularly those not included in the last round of terminations,” the official stated.

A termination letter from the Human Resources Department, dated May 24, 2024, indicated that the layoffs are part of a strategic reorganization aimed at enhancing the bank’s operations. The unsigned letter stated, “The new strategic direction of the bank has been widely publicised. In line with our new mission and vision, the bank is currently undergoing a significant organizational and human capital restructuring process. As a result of this review, I have been directed to notify you that your services will not be required effective Friday, May 24, 2024. Your final entitlements will be calculated and paid to you in due course. Thank you.”

In February, the CBN had redeployed at least 1,500 staff members from its headquarters in the Central Area to its Lagos office. This move was part of an effort to align the bank’s structure with its functions and objectives, ensure a more even geographical distribution of talent, and comply with building safety regulations as recommended by the Committee on Decongestion of the CBN Head Office.

A memo issued to staff at the time stated, “This is to notify all staff members at the CBN Head Office that we have initiated a decongestion action plan designed to optimise the operational environment of the Bank. This initiative aims to ensure compliance with building safety standards and enhance the efficient utilisation of our office space.”

Attempts to reach the bank’s Director of Corporate Communication, Hakama Sidi Ali, were unsuccessful as she did not respond to calls or text messages.