Again, CBN Sacks Another 200 Senior Staff, Directors

This development follows a recent series of layoffs that saw 117 employees dismissed between March 15 and April 11, 2024.

The latest round of terminations impacts a range of positions including directors, deputy directors, assistant directors, principal managers, senior managers, and other lower-ranking staff.

Sources within the CBN, who spoke on the condition of anonymity, confirmed the mass layoffs, noting that many senior directors who were spared in the earlier dismissals are now affected.

According to a report by Punch, one bank employee confirmed the news stating, “It is true and confirmed,” but declined to provide further details to avoid potential retaliation. This wave of layoffs has generated anxiety among the staff, as the bank’s management has not clarified the criteria for the dismissals.

Additional sources indicated that more dismissals are expected in the coming months, implemented in phases. One source commented, “The actual number is unconfirmed, but it is certainly over 200. The layoffs are being carried out in stages, which makes it difficult to pinpoint the exact number at this time.”

A letter from the Human Resources Department, dated May 24, 2024, and obtained by PUNCH, explained that the layoffs are part of a broader organizational restructuring aimed at enhancing the bank’s efficiency.

The unsigned letter stated, “The new strategic direction of the bank has been widely publicized. In line with our new mission and vision, the bank is 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.”

Earlier this year, the CBN redeployed approximately 1,500 staff members from its headquarters in the Central Area to its Lagos office. The bank cited several reasons for this move, including the need to align its structure with its objectives, redistribute skills, and comply with building regulations as recommended by the Committee on Decongestion of the CBN Head Office.

A memo issued at the time stated, “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.”

The ongoing restructuring efforts underscore the CBN’s commitment to optimizing its operations amid evolving economic and regulatory landscapes.