Fifty additional staff members of the Central Bank of Nigeria (CBN) were terminated on Monday, adding to a growing list of dismissals at the apex bank, according to a report by Daily Trust. These dismissals occurred under the leadership of CBN Governor Olayemi Cardoso and span 29 departments. The total number of terminations over the past 20 days now stands at 117.
Impact on Staff and Concerns Raised
The layoffs have affected directors, deputy directors, assistant directors, principal managers, senior managers, and lower-ranking staff. The process began on March 15 and has continued every other week, creating a sense of apprehension among staff of all levels as the management has not outlined specific criteria for the decisions. Sources within the bank mentioned that the dismissals will continue through the end of April.
Staff affected by the terminations have expressed frustration at the lack of clarity or justification for the dismissals. Many believe they have fallen victim to personal vendettas by Cardoso and the deputy governors. The CBN has not officially commented on the matter or denied previous reports concerning the terminations.
Employee Rights and Manual Guidelines
According to Section 16 of the CBN’s Human Resources Policies and Procedures Manual, the bank aims to handle separations as amicably as possible for both the employee and the institution. Employees’ normal retirement should coincide with reaching 60 years of age or completing 35 years of service. Early retirement may be considered for employees with at least 10 years of service at management’s discretion.
The manual defines redundancy as an involuntary and permanent loss of employment due to excess human resources. The processes for managing redundancies involve change management and employee separations.
Allegations of Discrimination and Double Standards
Some employees believe that the termination process has been applied inconsistently, with certain individuals being redeployed to different departments. Others who were initially transferred to Lagos have since been moved back to locations closer to the Federal Capital Territory (FCT), following intervention from higher authorities.
Several staff members have also raised concerns about the alleged double standards in the handling of their termination, with some directors considering legal action against their dismissals. Concerns about the treatment of vendors and potential delays in payment due to associations with the previous management have also been noted.
Uncertainty and Fear
Many CBN staff are now living in constant fear of future dismissals, with some departments already facing significant layoffs. This uncertainty has led to a sense of helplessness among employees, who worry about who may be targeted next.
In conclusion, the ongoing dismissals at the CBN have created a challenging and uncertain environment for the bank’s employees, raising questions about management’s criteria for the terminations and the potential for further impacts on the institution’s operations.
