CBN Sacks Over 300 Employees Amidst Ongoing Restructuring

• The Central Bank of Nigeria (CBN) terminated over 300 staff members, affecting 14 of 17 directors from Godwin Emefiele’s tenure
• The retrenchment, impacting 29 departments, caused widespread anxiety and low morale, with no clear criteria provided for the layoffs

According to reports from those directly affected, the Central Bank of Nigeria (CBN) terminated the employment of more than 300 staff members between Thursday and Friday. Engagement letters for an additional 200 employees are anticipated to be signed and issued soon, bringing the total number of affected staff to nearly 600.

Sources indicate that virtually all employees within the Governor’s Directorate have been dismissed. The retrenchment is part of a larger ongoing disengagement exercise at the apex bank. This latest wave of layoffs has notably affected 14 out of the 17 surviving directors from the tenure of former CBN Governor Godwin Emefiele.

Among the directors affected are:

• Clement Oluranti Buari, Director, Strategy Management
• Dr. Blaise Ijebor, Director, Risk Management
• Lydia Ifeanyichukwu Alfa, Director, Internal Audit
• Jimoh Musa Itopa, Director, Capacity Development
• Muhammad Abba, Director, Human Resources
• Rabiu Musa, Director, Finance
• Dr. Mahmud Hassan, Director, Trade & Exchange
• Dr. Ozoemena S. Nnaji, Director, Statistics
• Dr. Omolara Duke, Director, Financial Markets
• Chibuike D. Nwaegerue, Director, Other Financial Institutions Supervision
• Chibuzo A. Efobi, Director, Payments System Management
• Haruna Bala Mustafa, Director, Financial Policy and Regulation
• Rakiya Shuaibu Mohammed, Director, Information Technology
• Benjamin Nnadi, Director, Reserve Management

The directors who were not affected include Rashida Jumoke Monguno, Director of Corporate Secretariat; Salam-Alada Sirajuddin Kofo, Director of Legal Services; and Aderinola Shonekan, Director of Research.

The recent mass sackings have affected employees across 29 departments and various levels, from directors and deputy directors to assistant directors, principal managers, senior managers, and lower-ranking staff such as executive trainees. Some employees who had previously been transferred from the headquarters to branches also received their disengagement letters via email.

The dismissal of its director, three deputy directors, and other junior staff significantly impacted the Financial Policy and Regulatory Department. The Trade and Exchange Department had about eight staff affected, while the Development Finance and Human Resource Departments saw four and ten employees laid off, respectively.

Employees on compassionate leave due to protracted illness or incapacitation were also dismissed. Currently, coordinators head the 29 departments within the bank.

The distribution of disengagement letters began on March 15 and has continued, causing widespread anxiety among staff at all levels. Insiders report that no clear criteria have been provided for the layoffs, contributing to insecurity and low morale within the bank.

One affected staff member commented, “The idea of job security is no longer tenable under the bank’s current management. They have held a series of meetings to say they are not witch-hunting anybody, but what bigger witch-hunt is there than truncating people’s careers without any tangible explanation?”

Another staff member echoed these sentiments, noting, “I can tell you that since information leaked about the intention of this management, the morale at the bank has been at an all-time low.”