Fifty additional staff members of the Central Bank of Nigeria (CBN) faced termination on Monday, contributing to ongoing staff disengagements within the institution. The dismissals, overseen by CBN Governor Mr. Olayemi Cardoso, affected personnel across 29 departments, bringing the total casualties to 117 within the past 20 days.
According to sources within the bank, the termination process, initiated on March 15, has left staff members across all levels uncertain due to the lack of specified criteria for the decisions. Despite repeated attempts to obtain comment from CBN officials, including Acting Director of Corporate Communication Hakama Sidi Ali, the institution has remained silent on the matter.
The dismissal letters cited “Reorganizational and human capital restructuring” as the rationale behind the terminations, aligning with the bank’s purported new strategic direction. However, concerns have been raised regarding the alleged indiscriminate application of the bank’s Human Resources Policies and Procedures Manual by the current management.
Furthermore, reports suggest a perceived double standard in decision-making, with instances of favored treatment for individuals allegedly connected to key decision-makers within the CBN. This disparity has fueled apprehension among staff members, who fear further terminations without clear justification.
Additionally, allegations of illegality within the institution, including concerns over unauthorized personnel signings and delayed payments to vendors, have exacerbated tensions among employees and stakeholders alike.
The atmosphere within the CBN remains tense, with staff members living in fear of potential repercussions and uncertain about the future direction of the institution.
