CBN retrenches 200 staff, more disengagements still expected

Voice Air Media, VAM News Update

In a sweeping move, the Central Bank of Nigeria (CBN) has terminated the employment of over 200 officials, adding to the list of ongoing retrenchments within the institution.

This latest round of layoffs 200 of the earlier dismissal of 117 staff members between March 15 and April 11, 2024.

The recent terminations affect a broad spectrum of positions including directors, deputy directors, assistant directors, principal managers, senior managers, and lower-ranking staff.

Sources within the bank confirmed the sackings on Friday, highlighting that the affected individuals include older directors who had previously escaped retrenchment.

A source said “It is true and confirmed.” Fear of victimisation prevented the staff member from divulging further details, but the atmosphere within the bank is reportedly tense, with uncertainty pervading all levels due to the lack of specified criteria for the layoffs.

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Another source corroborated the information, indicating that the dismissals are part of a phased approach, with additional rounds expected in the coming months.

“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 official stated.

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The dismissal letters, issued by the Human Resources Department on May 24, 2024, cited a reorganisation policy aimed at enhancing operational efficiency.

“The unsigned letters 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.”

This upheaval follows a significant redeployment in February when at least 1,500 staff members were transferred from the CBN headquarters in Central Area, Abuja, to its Lagos office.

At that time, the CBN justified the move by citing the need to align the bank’s structure with its functions and objectives, and to redistribute skills for a more balanced geographical talent spread.

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The action was also in response to building safety regulations and recommendations from the Committee on Decongestion of the CBN Head Office.

A memo issued during the redeployment phase noted, “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 continuous restructuring and workforce reduction within the CBN reflect broader efforts to streamline operations and adapt to evolving strategic priorities, though they have also introduced considerable anxiety among the bank’s employees. (Punch)

Bright Olorungbotemi

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