Layoffs Continue At CBN As 50 More Officials Are Dismissed

In what has become a significant restructuring effort within the Central Bank of Nigeria (CBN), Governor Yemi Cardoso has orchestrated the dismissal of an additional 50 officials from their roles. This latest round of terminations, as confirmed by reliable sources, is part of a broader series of dismissals that have shaken the foundation of the nation’s apex financial institution.

The recent action has brought the total number of dismissals to 117 within a startlingly short span of 20 days. The sweeping layoffs, affecting a broad spectrum of the bank’s hierarchy, have included positions ranging from directors and deputy directors to assistant directors, principal managers, senior managers, and other subordinate staff. The dismissals span across an expansive 29 departments, underscoring the widespread nature of the shake-up.

The onset of disengagement letters being issued started on March 15 and has maintained a bi-weekly frequency, instilling a sense of dread across all levels of the bank’s staff. The lack of transparent criteria for the layoffs has contributed to an atmosphere of uncertainty and fear among the workforce. A senior management source, speaking on condition of anonymity, hinted that this pattern of dismissals is anticipated to persist until the end of April, with no department exempt from scrutiny.

Employees caught in the recent wave of layoffs have expressed their concerns, citing a lack of clear rationale behind the decisions. Many speculate that the dismissals are driven by personal vendettas rather than professional assessments or organizational restructuring needs. This sentiment echoes the confusion and dismay felt by those who have found themselves suddenly ousted from their positions.

The ongoing purge within the CBN marks a significant pivot under Governor Cardoso’s leadership, representing one of the most extensive staff overhauls in the institution’s recent history. Previously, the bank witnessed the departure of 40 individuals, a move that affected key positions including eight directors, 10 deputy directors, and several managers, signaling the start of a comprehensive shake-up aimed at revitalizing the central bank’s operations and aligning its workforce with new strategic objectives.

As the financial community watches closely, the impact of these widespread layoffs on the CBN’s internal culture and its external operations remains to be seen. With the promise of more dismissals on the horizon, the current climate within the CBN is one of apprehension as it undergoes what could be one of the most significant transformations in its storied history.

Culled from Daily Trust