CBN lays off 200 employees

No less than 200 officials of the Central Bank of Nigeria were relieved of their duties on Friday.

This adds to the long list of ongoing disconnections at the apex bank.

This is in addition to the list of 117 employees dismissed by the bank between March 15 and April 11, 2024.

The termination of appointments affects directors, deputy directors, deputy directors, senior managers, senior managers and lower-ranking personnel.

Impeccable bank staff sources confirmed the dismissal to our correspondent on Friday, stating that those laid off number no less than 200.

They revealed that those affected include older directors who were not affected by the latest round of layoffs.

One of the sources in a 20-second call with our correspondent simply stated: “It is true and it is confirmed.”

The staff member, who could not reveal more details for fear of being victimized, added that the move has caused apprehension among staff across the board as the management has not specified any criteria for decisions.

Another source confirmed the information, indicating that new layoffs are expected in the coming months, spread over staggered phases.

The official said: “It is real and there are even more than 200 officials, but the real number is not confirmed yet. The layoff is coming in staggered phases and that is why we cannot confirm the number yet. But there are no less than 200.

“Those dismissed include directors and other cadres, but those who are easily known are the directors. “Some of the former directors who were not affected during the last round of layoffs now are.”

The dismissal letter obtained by our correspondent and issued by the Human Resources Department on May 24, 2024 said that the policy was to reorganize the organization for effective operations.

The letter, unsigned, said: “The bank’s new strategic direction has been widely publicized. 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, at least 1,500 staff members of Nigeria’s apex bank were reassigned from the headquarters located in the Central Area to its Lagos office.

At the time, the CBN said the action was necessary for several factors, including the need to align the bank’s structure with its functions and objectives and redeploy skills to ensure a more even geographical distribution of talent.

He added that it was also in compliance with building regulations as indicated by the facility manager’s repeated warnings and the findings and recommendations of the CBN Headquarters Decongestion Committee.

A memo issued to staff read: “This is to notify all CBN Head Office staff that we have initiated a decongestion action plan designed to optimize the Bank’s operating environment.

“This initiative aims to ensure compliance with construction safety standards and improve the efficient utilization of our office space.”

Efforts to get the reaction of the bank’s Corporate Communication Director, Hakama Sidi Ali, were unsuccessful as she did not pick up her call or respond to text messages to her line.

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