CBN Dismisses Over 200 Staff Members Amid Ongoing Restructuring

The Central Bank of Nigeria (CBN) has dismissed more than 200 staff members as part of its ongoing restructuring efforts. The dismissals, confirmed by sources within the bank on Friday, include directors, deputy directors, assistant directors, principal managers, senior managers, and lower-ranking staff.

This recent round of layoffs adds to the previous dismissal of 117 employees between March 15 and April 11, 2024. Some older directors who were not affected in the last round have been included this time, contributing to the rising apprehension among remaining employees. Sources indicate that more dismissals are expected in the coming months, as the process is being carried out in phases.

A letter from the CBN’s Human Resources Department dated May 24, 2024, stated that the dismissals are part of a significant organizational and human capital restructuring to align with the bank’s new mission and vision. The letter, which lacked a signature, informed affected employees that their services would no longer be required and assured them that their final entitlements would be paid in due course.

Earlier this year, in February, the CBN relocated approximately 1,500 staff members from its headquarters in the Central Area to its Lagos office. This move aimed to align the bank’s structure with its objectives and ensure compliance with building safety standards, following recommendations from the Committee on Decongestion of the CBN Head Office.

Efforts to obtain comments from the CBN’s Director of Corporate Communication, Hakama Sidi Ali, were unsuccessful as she did not respond to calls or text messages.