Wednesday, February 12, 2025
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CBN Sacks No Less Than 200 Staff

Central Bank of Nigeria Implements Bank-Wide Restructuring, Dismisses Approximately 200 Employees

The Central Bank of Nigeria has undertaken a comprehensive restructuring initiative, resulting in the termination of employment for around 200 personnel across various departments. Among those affected are individuals from Human Resources, Development Finance, Trade and Exchange (including Dr. Hassan Mahmud, a prominent director), Financial Policy and Regulation, and Procurement and Support Services (including service coordinators predominantly stationed in state branches).

Reports indicate that many of the affected staff were caught off guard when they received termination letters on Friday, May 24, with immediate effect.

CBN attributes these layoffs to a “significant organizational and human capital restructuring process,” which aligns with the bank’s recently communicated strategic direction, mission, and vision.

Excerpts from the termination letters reveal the rationale behind the dismissals:

“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.”

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