CBN Sacks another 50 Staff, 117 Disengaged in 20 Days

There is growing apprehension among the Central Bank of Nigeria (CBN) staff as 50 additional employees were sacked on Monday, adding to the long list of ongoing disengagement at the apex bank.

The sacking under the leadership of  Dr Olayemi Cardoso, CBN governor, cuts across 29 departments as the organisation restructures to shift away from the development finance role, it was learnt.

So far, 117 staff have been disengaged by the CBN in the past 20 days.

“Even some of us working, we don’t know what the next chapter holds for anyone currently in the organisation,” a senior staff member who pleaded anonymity told The ICIR on Tuesday.

At the Banker’s meeting in 2023 in Lagos, Cardoso said the apex bank would not handle further development finance intervention roles as done previously to enable it to focus on its core monetary policy roles.

For instance, Daily Trust reported that the dismissals are likely connected to the CBN’s refocus from development finance interventions.

Cardoso had previously voiced concerns about such interventions, arguing that they take the bank outside its core function and could distort the economy.

The termination of appointments affected directors, deputy directors, assistant directors, principal managers, senior managers, and lower-ranking staff.

Disengagement letters were dispatched to affected staff from March 15 and has continued weekly.

Besides, modalities for disengagement were not made known by the management, insiders told our correspondent.

The ICIR reached out to Hakama Sidi Ali,  acting director of Corporate Communication, on the development for her reaction. She did not pick up her call or return the text messages to her line.

A senior management source, who pleaded anonymity, told our reporter that the sacking spree would continue till the end of April.

In January, the CBN’s management announced that some departments in the organisation would be moved to Lagos State to promote efficiency at the institution.

Some Nigerians, especially in the North, protested the decision, claiming it was a ploy to move the apex bank out of the nation’s capital.

What CBN’s policies and procedures manual says

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.

Section 16.3.5 notes that an employee’s Normal Retirement Date in CBN should coincide with the date the employee is 60 years old or has put in 35 years of service.

“Early retirement can be considered when the employee has served for at least 10 years and is only granted at the discretion of management,” it says.

According to the manual, the bank feels that the retirement of an employee should be an occasion for celebration and recognition of the individual’s contributions to the bank.

However, section 16.4, which specifies the condition for redundancy, stipulates that redundancy means involuntary and permanent loss of employment as a result of excess human resources.

It explains that the redundancy processes are designed to provide a framework to manage change, where that change involves termination of employment.

Credit: The ICIR