The Central Bank of Nigeria (CBN) has retrenched nearly 200 employees across various departments in a bank-wide restructuring exercise.
The latest round of job cuts across several departments, including: Human Resources; Development Finance; Trade and Exchange (including a prominent director, Dr. Hassan Mahmud); Financial Policy and Regulation and Procurement and Support Services (All service coordinators in the PSSD who predominantly can be found in the state branches were laid-off on Friday)
Many of the affected staff were reportedly surprised to receive termination letters on Friday afternoon with their employment ending immediately.
The CBN attributed the layoffs to a “significant organisational and human capital restructuring process” aligned with the bank’s recently publicized strategic direction and its new mission and vision.
A sample termination letter seen by our correspondent states: “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 with effect from Friday, 24th May 2024. Your final entitlements will be calculated and paid to you in due course.”
The full impact of these job cuts remains to be seen. While the CBN emphasises alignment with its new strategic direction, the sudden nature of the layoffs has likely caused concerns and disruption for the affected staff.
One of the sources in a 20-second call with our correspondent simply stated, “It is true and confirmed.”
Another source confirmed the information, indicating that additional dismissals are expected in the months ahead, spread out across staggered phases.
The official said, “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.”
The sack letter obtained by our correspondent and issued by the Human Resources Department on May 24, 2024, said the policy was to reorganise the organisation for effective operations.
The letter, lacking a signature read, “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, at least 1,500 members of staff of the apex bank of Nigeria were redeployed from the headquarters located at Central Area to its Lagos office.
At the time, the CBN said the action was necessitated by several factors, including the need to align the bank’s structure with its functions and objectives and redistribute skills to ensure a more even geographical spread of talent.
It added that it was also in compliance with building regulations, as indicated by repeated warnings from the facility manager, and the findings and recommendations of the Committee on Decongestion of the CBN Head Office.
A memo issued to staff 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”.
Efforts to get the reaction of the bank’s Director of Corporate Communication, Hakama Sidi Ali, was not successful as she did not pick up her call or respond to the text messages to her line.
