At least two hundred officials of the Central Bank of Nigeria (CBN) were dismissed from their duties on Friday in the latest restructuring move by the apex bank’s Governor Olayemi Cardoso.
This comes after at least 117 staff were relieved of their jobs between March 15 and April 11, 2024.
The dismissal impacts directors, deputy directors, assistant directors, principal managers, senior managers, and lower-ranking staff.
Reliable sources within the bank confirmed the dismissals on Friday, stating that the number exceeded 200 but was not less than that figure.
The sources disclosed that the latest round of dismissals included older directors who were unaffected by previous retrenchments.
Another source also confirmed that further dismissals were anticipated in the coming months, implemented in staggered phases.
The termination letters, reportedly issued by the Human Resources Department on May 24, 2024, cited organisational restructuring as the rationale behind the action.
The unsigned letter stated:
“The new strategic direction of the bank has been widely publicised. In line with our new mission and vision, the bank is currently undergoing a significant organisational 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”
News Central reports that approximately 1,500 staff members were relocated from the CBN headquarters in Central Area to its Lagos office in February 2024.
The move was attributed to various factors, including structural alignment, skill redistribution, and compliance with building regulations.