CBN Laid off 200 Staff, Sets For Restructuring

CBN Laid off 200 Staff, Sets For Restructuring
CBN Laid off 200 Staff, Sets For Restructuring

The Central Bank of Nigeria (CBN) has laid off 117 staff in a space of three weeks, between March and April, in an attempt to restructure its system.

On Friday, more workers were added to the list, as no less than 200 staff lost their jobs. The blow that occurred between March 15th and April 11, 2024, was not as severe as this.

This breaking news of the national brand holds that Directors, deputy directors, assistant directors, principal managers, senior managers, and lower-level employees are all impacted by the termination of appointments. Reputable bank employees confirmed the layoffs to our correspondent on Friday, stating that the number of dismissed employees exceeded 200 but did not fall below that threshold.

They disclosed that elder directors who were not impacted by the last round of layoffs were included in the new move. A source disclosed “It is true and confirmed.”

Employees who were unable to provide further information for fear of being bugged also stated that there was a noticeable sense of unease among employees across all levels of the organisation because the management had not established any uniform standards for making decisions.

Continuing, the information was verified by another unquestionable authority, and it seems that more firings are planned in the upcoming months, spaced out over several periods.

He revealed, “It is real and is even more than 200 officials but the actual number is unconfirmed yet. The sacking is coming in staggered phases and that is why we can’t confirm the number yet.

“But it is not less than 200. The sacked persons include directors and other cadres but the ones that are easily known are the directors. Some of the old directors that were not affected during the last round of sacks are now affected.”

The sack letters dished out by the Human Resources Department dated May 24, 2024, reveal that the policy was to restructure the organisation for better operations. It states, “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 organisational 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 with effect from Friday, 24th May 2024. Your final entitlements will be calculated and paid to you in due course. Thank you”

The Nigerian national bank redeployed at least 1,500 employees from its Central Area headquarters to its Lagos office in February. The CBN claimed at the time that some reasons, including the necessity to realign the bank’s organisational structure with its goals and activities and reallocate capabilities to guarantee a more equitable distribution of talent across geographies, made the action necessary.

Adding, as evidenced by the facility manager’s repeated warnings, the Committee on Decongestion of the CBN Head Office’s findings, and their recommendations, was also following building requirements.

However, Hakama Sidi Ali, the director of corporate communication, did not answer many calls or texts left on her line, making attempts to receive a response from her unsuccessful.