- Say CBN Yet To Offer Clear Criteria For Mass Sack
By Abiola Olawale
Former employees of the Central Bank of Nigeria (CBN) who were fired by the organization have condemned their sack.
The sacked staff while criticizing the decision of the CBN argued that their sack violated the bank’s human resource rules and policy.
The group of former employees, in a statement issued by the North Central Coordinator of the Conference of Autochthonous Ethnic Communities Development Association Youth Wing, Paul Dekete, expressed surprise at their sudden termination, noting that they are still unaware of the rationale behind the CBN’s decision.
It would be recalled that the CBN under the leadership of Governor Olayemi Cardoso has been witnessing massive downsizing of staff.
In the statement, the former employees said the mass sack is worrisome particularly as several staff of the Economic Intelligence Unit (EIU), a Unit in the bank tasked with the critical function of identifying and monitoring illegal financial activities within Nigeria were also sacked.
According to Dekete, the loss of these highly trained professionals represents a significant blow to the bank’s institutional knowledge and capacity to combat money laundering and other illicit financial activities.
The statement reads in part: “The purge wasn’t limited to high-level executives. It extended far beyond directors, impacting Deputy Directors and Assistant Directors who formed the backbone of departmental operations. These were not junior staff; they were seasoned professionals with deep institutional knowledge.
“For example, the Director of Information Technology was overseeing crucial projects on the very day they were terminated, including efforts to secure international information security certifications for the bank.
“In a particularly egregious case, a Director on special assignment, tasked with leading the bank’s efforts to secure an ISO certification for information security, was sacked on the very day the bank successfully achieved this crucial milestone.
“Central banking relies heavily on robust cybersecurity measures, and this certification is a testament to the Director’s competence and the bank’s commitment to financial security. This abrupt dismissal, on the day of a major accomplishment, raises serious questions about the planning and rationale behind the mass layoffs.
“The mass sack violated the bank’s own HR policy, which mandates board approval for executive terminations.
“This blatant disregard for due process has raised serious questions about transparency. The CBN, a federal institution, must adhere to public service rules. This dismissal exercise, carried out without board approval, lacks a solid legal foundation.
“Making matters worse, the bank offered no clear criteria for the mass sacking. This is a stark departure from their established culture of clear communication with staff during downsizing exercises.”
Dekete, on behalf of the sacked CBN workers further said, “Loyal employees, some with over 30 years of dedicated service, were cast aside with a cold, impersonal letter stating “your services are no longer required.” This callous act extended to a Deputy Director who was let go even though she had already completed all the necessary paperwork and her retirement letter was ready to be issued.
“The human cost of this heartless exercise is staggering. Many staff members had used their salaries as collateral for loans tied to their remaining years of service at the CBN. With their abrupt termination, these loans were immediately deducted from their final paychecks, leaving some with nothing and others still indebted to the bank. The impact on these individuals and their families is devastating, with their dreams and financial security shattered in an instant.
“The CBN’s purge extended beyond individual hardship, raising serious concerns about ethnic bias. Reports indicate that some states saw over 80% of their executive staff removed, with North Central and South Eastern regions disproportionately affected. This blatant disregard for the principle of federal character raises troubling questions about the bank’s commitment to national unity.
“Staff morale has plummeted, with a pervasive sense of fear and uncertainty gripping the institution. Every Friday is met with dread, as rumours swirl of another list of targeted employees. The reported use of an external consultant, seemingly unfamiliar with the bank’s HR policies and civil service regulations, only exacerbates the lack of trust and transparency.”
He accused the organization of attempting to whittle down and cripple certain geopolitical zones that were badly affected by the sack.
