By Ken Afor
The Central Bank of Nigeria (CBN) has reportedly terminated the services of approximately 200 of its workforce across multiple departments due to organizational restructuring.
It was gathered that the latest round of layoffs has affected personnel in departments such as Human Resources, Development Finance, Trade and Exchange (including a prominent director, Dr. Hassan Mahmud), Financial Policy and Regulation, and Procurement and Support Services.
Notably, all service coordinators within the Procurement and Support Services Department, predominantly stationed at state branch offices, were reportedly asked to leave on Friday.
The affected workers of the apex bank were said to have been given their termination letters on Friday afternoon.
The CBN has attributed these widespread layoffs to what it described as a “significant organizational and human capital restructuring process.”
The termination letter according to some media reports, states thus: “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.”
It would be recalled that in January, the CBN had announced that key departments, including Banking Supervision, Other Financial Institutions Supervision, Consumer Protection, Payment System Management, and Financial Policy Regulations, would be relocated to Lagos.
While defending the move, Mr. Bayo Onanuga, Special Adviser on Information and Strategy to President Bola Ahmed Tinubu, stated that most commercial banks’ headquarters are situated in Lagos, hence the movement of the CBN’s offices to the southwestern state.
He stated: “The movement of the Department of Banking Supervision of the CBN to Lagos should not trigger any discord within the polity. The department concerned deals with commercial banks, almost all of which have their headquarters in Lagos.”
