Why we sacked over 200 staff — CBN Governor

By Matthew Denis

For organisational and Human Capital enhancement, the Central Bank of Nigeria (CBN) has retrenched nearly 200 employees across various departments in a bank-wide restructuring exercise.

Recall that the apex bank sacked some directors a few months ago.

The drastic action 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 publicised strategic direction and its new mission and vision.”

A sample termination letter obtained by NewsDirect states: “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.”

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.