In a sweeping restructuring move, the Central Bank of Nigeria (CBN) has terminated the employment of approximately 200 staff members across various departments. This significant action is part of a broader organizational overhaul aimed at aligning with the bank’s newly defined strategic direction, mission, and vision.
Departments affected by the layoffs include Human Resources, Development Finance, Trade and Exchange, Financial Policy and Regulation, and Procurement and Support Services. Among those dismissed is a notable director, Dr. Hassan Mahmud, from the Trade and Exchange department. The layoffs also targeted service coordinators in the Procurement and Support Services Department, many of whom were stationed in state branches.
The employees received their termination letters on Friday, May 24, with the layoffs taking immediate effect, catching many by surprise.
In an official statement, the CBN cited the need for a “significant organizational and human capital restructuring process” as the reason behind the layoffs. The restructuring aligns with the bank’s recently publicized strategic direction.
The termination letters issued to the affected employees stated: “In line with our new mission and vision, the Bank is currently undergoing a significant organizational 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.”
The CBN assured that final entitlements would be calculated and paid to the affected employees in due time. This restructuring is expected to streamline the bank’s operations and enhance its ability to meet its new strategic objectives.
