CBN Sacks Over 200 Officials, Details Emerge

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CBN Sacks Over 200 Officials Amidst Ongoing Restructuring**

In a significant move amidst ongoing restructuring efforts, the Central Bank of Nigeria (CBN) has terminated the employment of over 200 officials on Friday, May 24. This recent wave of dismissals adds to the 117 staff members who were sacked between March 15 and April 11, 2024.

The latest terminations impact a wide range of positions, including directors, deputy directors, assistant directors, principal managers, senior managers, and lower-ranking staff.

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Confirming the news, top sources within the apex bank noted that those affected include several older directors who were not impacted by the previous round of retrenchments.

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“It is true and confirmed,” said a source who spoke on condition of anonymity. This source indicated that the recent layoffs have caused widespread apprehension among staff across all levels, as the management has not clarified the criteria behind these decisions.

Another source confirmed the information, hinting that more dismissals are expected in the coming months, to be carried out in staggered phases. “It is real and is even more than 200 officials but the actual number is unconfirmed yet. The sack is coming in staggered phases and that is why we can’t confirm the number yet. But it is not less than 200,” the official explained. “The sacked persons include directors, and other cadres but the ones that are easily known are the directors. Some of the batch of old directors that were not affected during the last round of sacks are now affected.”.Breaking: Court Backs CBN, Orders Banks to Collect Customers’ Social Media Handles*

The Human Resources Department issued the sack letters on May 24, 2024, citing the need to reorganize the institution for more effective operations. The letter, which lacked a signature, stated: “The new strategic direction of the bank has been widely publicised. In line with our new mission and vision, the bank is currently undergoing a significant organisational and human capital restructuring process.

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“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. Thank you.”

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