By: Amadi Vincent Uzoma
A total of 200 Central Bank of Nigeria officials were dismissed from their positions on Friday. This is in addition to the previous staff layoffs within the Apex Bank, which saw 117 employees terminated between March 15 and April 11, 2024.
The job cuts impacted various roles including directors, deputy directors, assistant directors, principal managers, senior managers, and lower-ranking staff. Employees within the bank confirmed the latest dismissals on Friday, revealing that over 200 individuals were affected.
Sources disclosed that among those affected are senior directors who were spared in the previous round of layoffs.
A source, during a brief call with a correspondent, confirmed the news, stating, “It is accurate.”
The source, not able to share further details due to concerns of retribution, mentioned that the lack of specified criteria for the dismissals has caused anxiety among all levels of staff.
Another source verified the information, suggesting that more job cuts are anticipated in the coming months, to be carried out in multiple phases.
The source mentioned, “It is indeed happening, and the number of impacted officials is likely higher than 200, although the exact figure is yet to be confirmed. The dismissals are being staggered across phases, which is why the exact number remains uncertain. However, it is certain to be over 200.”
The termination letters issued by the Human Resources Department on May 24, 2024, indicated that the restructuring was aimed at enhancing operational efficiency based on the bank’s new mission and vision.
The unsigned letter stated, “The bank’s new strategic direction has been widely communicated. Following a review, we regret to inform you that your services are no longer required as of Friday, 24th May 2024.
“Your final benefits will be calculated and paid accordingly. Thank you.”
Earlier in February, about 1,500 CBN staff were relocated from the head office in Central Area to the Lagos office.
The CBN cited various reasons for the action, including the need to align the bank’s structure with its objectives and redistribute skills for a more balanced talent distribution, as well as compliance with building regulations.
Efforts to reach the Director of Corporate Communication, Hakama Sidi Ali, for comment were unsuccessful as she did not answer calls or respond to messages.
