No fewer than 200 officials of the Central Bank of Nigeria (CBN) were relieved of their duties on Friday, adding to the ongoing series of disengagements within the bank. This follows the earlier termination of 117 staff members between March 15 and April 11, 2024.
The latest terminations affect a range of positions, including directors, deputy directors, assistant directors, principal managers, senior managers, and lower-ranking staff. Sources within the bank confirmed the dismissals to PUNCH, noting that the number of affected employees is not less than 200.
These sources indicated that older directors, who were not impacted by previous rounds of retrenchment, were among those dismissed. One source confirmed the sackings in a brief 20-second call, while another source suggested that additional dismissals are anticipated in the coming months, occurring in staggered phases.
According to one official, “It is real and is even more than 200 officials but the actual number is unconfirmed yet. The sack 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 batch of old directors that were not affected during the last round of sacks are now affected.”
A copy of the sack letter obtained by PUNCH, issued by the Human Resources Department on May 24, 2024, explained that the policy aimed to reorganize the organization for effective 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 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.”
In February, the CBN redeployed at least 1,500 staff members from its headquarters in Central Area to its Lagos office. This action was taken to align the bank’s structure with its functions and objectives, redistribute skills more evenly, and comply with building regulations as recommended by the Committee on Decongestion of the CBN Head Office.
A memo issued to staff at the time read, “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.”