The Central Bank of Nigeria (CBN) has terminated the employment of 50 staff members on Monday, April 8, under the current management of the apex bank.
This recent wave of dismissals brings the total number of disengagements since CBN governor Olayemi Cardoso’s appointment to 117.
The termination of appointments has affected staff across various levels, including directors, deputy directors, assistant directors, principal managers, senior managers, and lower-ranking staff. The issuance of disengagement letters began on March 15 and has continued every other week, causing palpable apprehension among employees of all ranks, as the management has not provided specific criteria for these decisions, according to insiders.
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Despite the ongoing sacking spree, officials of the apex bank have remained tight-lipped on the matter. Attempts to obtain a response from the acting Director of Corporate Communication, Hakama Sidi Ali, were unsuccessful, as calls and text messages to her went unanswered.
A senior management source, speaking anonymously, informed our reporter that the wave of terminations will persist until the end of April.
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Meanwhile, affected staff members have expressed frustration over the lack of clarity or justification for their dismissals, leading them to believe they are victims of personal vendetta by Cardoso and the deputy governors.
One of the central grievances among the affected staff is the alleged indiscriminate application of the manual by the current management.
Termination letters received by directors and other affected staff cited “Reorganisational and human capital restructuring” as the reason for their dismissal, aligning with the bank’s new strategic direction.
While some directors have expressed their intention to contest their termination, citing no wrongdoing on their part and lack of implication in any misconduct, many staff members remain in a state of constant fear as they are unsure who will be affected next.
The atmosphere of uncertainty has had a negative impact on productivity and morale, with some staff members feeling helpless in the face of the structured system.
As anxiety looms over other departments possibly facing similar actions, employees stress the need for transparency and fairness in the decision-making process to restore confidence and stability within the organization.
