On Friday, the Central Bank of Nigeria (CBN) dismissed over 200 staff members, including directors, deputy directors, assistant directors, principal managers, senior managers, and lower-ranking officials. This recent wave of layoffs is part of an ongoing restructuring process within the apex bank.
The termination adds to the 117 employees already dismissed between March 15 and April 11, 2024. According to sources within the CBN, the layoffs have caused significant anxiety among staff at all levels, as the criteria for these decisions have not been clearly communicated.
“It is true and confirmed,” said one CBN staff member in a brief conversation, though they could not provide further details due to fear of retaliation. Another source suggested that more dismissals are expected in the coming months, indicating that the process is being carried out in staggered phases. “It is real and is even more than 200 officials, but the actual number is unconfirmed yet. The sack is coming in staggered phases,” the source added.
The CBN’s Human Resources Department issued a termination letter on May 24, 2024, explaining the move as part of a strategy to reorganize the organization for more effective operations. The letter, which was unsigned, read: “The new strategic direction of the bank has been widely publicized. In line with our new mission and vision, the bank is currently 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.”
In a related development, in February, the CBN redeployed approximately 1,500 staff members from its headquarters in Abuja to its Lagos office. The bank stated that this action was taken to align the bank’s structure with its functions and objectives, and to ensure a more even geographical distribution of talent. The move was also in response to building safety regulations and recommendations to decongest the headquarters.
A memo issued to staff at the time read: “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.”
Attempts to reach the CBN’s Director of Corporate Communication, Hakama Sidi Ali, for comments were unsuccessful as she did not respond to calls or text messages.