ABUJA – The ongoing restructuring at the Central Bank of Nigeria (CBN) has taken a disturbing turn as 50 employees were laid off on Monday, adding to the growing list of layoffs at the apex bank. The sack, supervised by CBN Governor Mr. Olayemi Cardoso, affected 29 departments, with a total of 117 casualties reported in the last 20 days.
The termination of appointments has impacted directors, deputy directors, assistant directors, principle managers, senior managers, and lower-ranking workers. The dispatch of the disengagement letters, which began on March 15, has continued every other week, causing palpable apprehension among staff of every cadre. The management has not specified any standard criteria for the decisions, according to an insider source.
Since the commencement of the layoff, officials of the apex bank have refused to comment on the matter. Attempts to get a reaction from the Acting Director of Corporate Communication, Hakama Sidi Ali, were unsuccessful as she did not respond to calls or text messages.
A senior management source, who does not have permission to speak on the matter, revealed that the sacking spree will continue until the end of April. Staff affected by the latest development, speaking on the condition of anonymity, said the lack of clarity or justification for the sack has led them to conclude that they are victims of personal vendetta by Mr. Cardoso and the deputy governors.
Section 16.0 of the CBN’s Human Resources Policies and Procedures Manual (HRPPM) titled ‘Cessation of Employment’, specifies that in every case of separation from the employment of the bank, it is the objective of CBN to make separations as amicable as possible for both the employee and the bank. However, the current situation seems to contradict this policy, leaving many to question the future of the bank’s workforce.
