The Central Bank of Nigeria (CBN) has undertaken a bank-wide restructuring exercise, resulting in the retrenchment of nearly 200 employees across various departments.
Affected departments include Human Resources; Development Finance; Trade and Exchange, which notably saw the departure of a prominent director, Dr. Hassan Mahmud; Financial Policy and Regulation; and Procurement and Support Services (PSSD), with all service coordinators in the PSSD state branches laid off on Friday.
Employees were reportedly taken aback by the suddenness of the termination, receiving termination letters on Friday afternoon with immediate effect.
In explaining the layoffs, the CBN cited a “significant organizational and human capital restructuring process” aligned with its recently publicized strategic direction and new mission and vision.
A sample termination letter reads: “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 full implications of these job cuts are yet to be realized. While the CBN emphasizes alignment with its new strategic direction, the abrupt nature of the layoffs has likely caused concerns and disruption for the affected staff.