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CBN Dismisses Over 300 Employees |
The Central Bank of Nigeria (CBN) has dismissed over 300 staff members between Thursday and Friday, according to those directly affected who spoke to Daily Trust Saturday.
Reports indicate that the termination letters for an additional 200 employees have been prepared and will be distributed soon.
It appears that the majority of employees in the Governor’s Directorate have been dismissed.
This recent action increases the total number of layoffs to approximately 600, adding to the ongoing series of dismissals at the central bank.
Investigations by Daily Trust revealed that at least 14 of the 17 directors who served under former CBN Governor Godwin Emefiele were let go in the latest round of layoffs.
The dismissed directors include Clement Oluranti Buari, Director of Strategy Management; Dr. Blaise Ijebor, Director of Risk Management; Lydia Ifeanyichukwu Alfa, Director of Internal Audit; Jimoh Musa Itopa, Director of Capacity Development; Muhammad Abba, Director of Human Resources; Rabiu Musa, Director of Finance; Dr. Mahmud Hassan, Director of Trade & Exchange; Dr. Ozoemena S. Nnaji, Director of Statistics; and Dr. Omolara Duke, Director of Financial Markets.
Other directors affected are Chibuike D. Nwaegerue, Director of Other Financial Institutions Supervision; Chibuzo A. Efobi, Director of Payments System Management; Haruna Bala Mustafa, Director of Financial Policy and Regulation; Rakiya Shuaibu Mohammed, Director of Information Technology; and Benjamin Nnadi, Director of Reserve Management.
The three directors who retained their positions are Rashida Jumoke Monguno, Director of Corporate Secretariat; Salam-Alada Sirajuddin Kofo, Director of Legal Services; and Aderinola Shonekan, Director of Research.
The layoffs spanned 29 departments and affected various levels of staff, from directors to executive trainees.
The majority of those let go were branch operations staff from the 36 branches across the states and the headquarters in the FCT.
Some staff who had been transferred from the headquarters to branches were also dismissed, receiving their termination notices via email.
In the Financial Policy and Regulatory Department, the director and three deputy directors were among those laid off, along with other junior staff.
Daily Trust learned that about eight staff from the Trade and Exchange Department, four from the Development Finance Department, and ten deputy and assistant directors from the Human Resources Department were also affected.
Even employees on compassionate leave due to prolonged illness or incapacitation were not spared.
Following these layoffs, coordinators now head the 29 departments of the bank.
The distribution of termination letters began on March 15 and has continued, causing unease among staff at all levels, as no clear criteria for the layoffs have been communicated.
Some staff expressed concerns about job security and the lack of justification for the dismissals, describing the situation as a “witch-hunt” and criticizing the management’s vague references to a “reset.”
Another former employee commented on the low morale at the bank since the management’s intentions became known.
The CBN’s Human Resources Policies and Procedures Manual outlines the bank’s approach to employment cessation, aiming for amicable separations and recognizing employees’ contributions upon retirement.
The manual specifies that normal retirement coincides with reaching 60 years of age or completing 35 years of service, with early retirement possible after 10 years of service at management’s discretion.
Redundancy is defined as the involuntary and permanent loss of employment due to excess human resources, with processes in place for managing such changes and providing opportunities for early separation.
Affected employees may consult with the Joint Consultative Council and appeal decisions to the head of human resources.
Redundancy may occur for economic, technological, structural, or similar reasons.
Efforts to obtain a statement from the acting Director of Corporate Communication, Hakama Sidi Ali, were unsuccessful.
