CBN Takes Action: Fires Additional 200 Senior Staff and Directors

In a significant development, the Central Bank of Nigeria (CBN) executed a mass termination of around 200 senior staff members on Friday.

This decision comes after a recent series of layoffs which saw 117 employees let go between March 15 and April 11, 2024.

The latest wave of terminations affects various positions including directors, deputy directors, assistant directors, principal managers, senior managers, and other lower-ranking staff.

Sources within the CBN, speaking anonymously, confirmed the widespread layoffs, noting that even senior directors who had been spared in previous rounds of dismissals are now impacted.

According to a report by Punch, a bank employee verified the news, stating, “It is true and confirmed,” but refrained from divulging further details to avoid potential repercussions. The uncertainty surrounding the criteria for the dismissals has heightened anxiety among the staff.

Additional sources indicated that further layoffs are anticipated in the coming months, to be implemented in phases. One source remarked, “The exact number is yet to be confirmed, but it is definitely over 200. The terminations are being carried out gradually, making it challenging to ascertain the precise figure at this juncture.”

A letter from the Human Resources Department, dated May 24, 2024, and obtained by Punch, outlined that the terminations are part of a broader organizational restructuring aimed at enhancing the bank’s efficiency.

The unsigned letter stated, “The new strategic direction of the bank has been widely publicized. In line with our new mission and vision, the bank is 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. Thank you.”

Earlier this year, the CBN relocated approximately 1,500 staff members from its headquarters in the Central Area to its Lagos office. This move was attributed to various reasons including the need to align its structure with its objectives, redistribute skills, and comply with building regulations as recommended by the Committee on Decongestion of the CBN Head Office.

A memo issued at the time stated, “This is to notify all staff members at the CBN Head Office that we have initiated a decongestion action plan designed to optimize the operational environment of the bank. This initiative aims to ensure compliance with building safety standards and enhance the efficient utilization of our office space.”

These ongoing restructuring efforts underscore the CBN’s commitment to optimizing its operations amidst evolving economic and regulatory landscapes.