The current management of the Central Bank of Nigeria (CBN) has recently terminated the employment of 50 of its staff on Monday, April 8, marking a significant increase in the total number of disengagements since the appointment of CBN governor Olayemi Cardoso.
This latest wave of dismissals encompasses a wide range of positions, including directors, deputy directors, assistant directors, principal managers, senior managers, and lower-ranking staff.
Sources within the bank revealed that the issuance of termination letters began on March 15 and has been ongoing every other week, causing apprehension among staff members across all levels due to the lack of specific criteria provided by the management for these decisions.
Despite repeated inquiries, officials of the apex bank have refrained from commenting on the matter. Efforts to reach the acting Director of Corporate Communication, Hakama Sidi Ali, proved futile as she did not respond to calls or messages.
According to a senior management source, speaking on condition of anonymity, the spree of terminations is expected to continue until the end of April.
Affected staff members expressed frustration over the lack of clarity or justification for their dismissals, speculating that they may be victims of personal vendettas by Cardoso and the deputy governors.
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Many affected staff members cited concerns over what they perceive as the “indiscriminate application of the manual by the current management.”
The termination letters received by directors and other affected staff cited “reorganizational and human capital restructuring” as the rationale behind their dismissal, aligning with the bank’s purported new strategic direction.
Reportedly, five directors have expressed their intention to challenge their terminations, asserting that no wrongdoing has been attributed to them and they have not been implicated in any misconduct.
Numerous staff members expressed anxiety over the uncertainty surrounding their job security, living in constant fear of being the next to be affected by the ongoing staff dismissals.
