The Central Bank of Nigeria (CBN) terminated over 300 staff members, affecting 14 of 17 directors from former Governor Godwin Emefiele’s tenure.
The retrenchment, impacting 29 departments, caused widespread anxiety and low morale, with no clear criteria provided for the layoffs.
According to reports from those directly affected, the CBN terminated the employment of more than 300 staff members between Thursday and Friday.
Engagement letters for an additional 200 employees are anticipated to be signed and issued soon, bringing the total number of affected staff to nearly 600.
The sack letter issued by the Human Resources Department on May 24, 2024, indicated that 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.”
Sources indicate, as disclosed by Daily Trust, that virtually all employees within the Governor’s Directorate have been dismissed. The retrenchment is part of a larger ongoing disengagement exercise at the apex bank.
This latest wave of layoffs has notably affected 14 out of the 17 surviving directors from the tenure of Emefiele.
The mass layoffs have affected employees across 29 departments and various levels, from directors and deputy directors to assistant directors, principal managers, senior managers, and lower-ranking staff such as executive trainees.
Some employees who had previously been transferred from the headquarters to branches also received their disengagement letters via email.
The dismissal of its director, three deputy directors, and other junior staff significantly impacted the Financial Policy and Regulatory Department.
The Trade and Exchange Department had about eight staff affected, while the Development Finance and Human Resource Departments saw four and ten employees laid off, respectively.
Employees on compassionate leave due to protracted illness or incapacitation were also dismissed. Currently, coordinators head the 29 departments within the bank.
The distribution of disengagement letters began on March 15 and has continued, causing widespread anxiety among staff at all levels.
According to insiders, no clear criteria have been provided for the layoffs, contributing to insecurity and low morale within the bank.
One affected staff member commented, “The idea of job security is no longer tenable under the bank’s current management. They have held a series of meetings to say they are not witch-hunting anybody, but what bigger witch-hunt is there than truncating people’s careers without any tangible explanation?”
Another staff member echoed these sentiments, noting, “I can tell you that since information leaked about the intention of this management, the morale at the bank has been at an all-time low.”
Among the directors affected are:
Clement Oluranti Buari, Director, Strategy Management
Dr. Blaise Ijebor, Director, Risk Management
Lydia Ifeanyichukwu Alfa, Director, Internal Audit
Jimoh Musa Itopa, Director, Capacity Development
Muhammad Abba, Director, Human Resources
Rabiu Musa, Director, Finance
Dr. Mahmud Hassan, Director, Trade & Exchange
Dr. Ozoemena S. Nnaji, Director, Statistics
Dr. Omolara Duke, Director, Financial Markets
Chibuike D. Nwaegerue, Director, Other Financial Institutions Supervision
Chibuzo A. Efobi, Director, Payments System Management
Haruna Bala Mustafa, Director, Financial Policy and Regulation
Rakiya Shuaibu Mohammed, Director, Information Technology
Benjamin Nnadi, Director, Reserve Management.
The directors who were not affected include Rashida Jumoke Monguno, Director of Corporate Secretariat; Salam-Alada Sirajuddin Kofo, Director of Legal Services; and Aderinola Shonekan, Director of Research.
