ABUJA, NIGERIA – In a sweeping move, the Central Bank of Nigeria (CBN) has terminated the appointments of no fewer than 200 officials. This decision, announced on Friday, marks a continuation of the bank’s extensive restructuring efforts, adding to the 117 staff who were dismissed between March 15 and April 11, 2024.
The affected individuals span a wide range of positions, including directors, deputy directors, assistant directors, principal managers, senior managers, and lower-ranking staff. According to impeccable sources within the bank, these layoffs primarily target older directors who were previously spared during the last round of retrenchments.
One source, in a brief 20-second call, confirmed the sackings, saying, “It is true and confirmed.” This individual, who requested anonymity due to fear of retaliation, noted the pervasive anxiety among staff at all levels, as the management has not provided specific criteria for the layoffs.
Another source indicated that more dismissals are anticipated in the coming months, to be executed in staggered phases. “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 source said. “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.”
The sack letter, obtained by PUNCH and issued by the Human Resources Department on May 24, 2024, outlines the bank’s intention to reorganize for more effective operations. The letter, which was unsigned, 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 a related move in February, the CBN redeployed at least 1,500 staff from its headquarters in the Central Area of Abuja to its Lagos office. This action was driven by the need to align the bank’s structure with its objectives, ensure a more even distribution of skills, 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.”
The ongoing restructuring efforts at the CBN reflect a broader strategy to streamline operations and enhance efficiency within Nigeria’s apex financial institution.