- Over 200 former CBN staff claim the rationalization exercise was discriminatory, causing loss of critical expertise in key operational areas
- Ex-employees allege unfair treatment, facing negative account balances and career termination without proper justification or due process
Over 200 former staff and executives of the Central Bank of Nigeria (CBN) have criticized the approach taken by the Cardoso-led management during the bank’s recent staff rationalization exercise.
They described the process as discriminatory and violating the bank’s human resources policies.
Speaking to reporters, the affected staff expressed dismay that the optional “early exit” window was not initially made available to all employees but introduced later as an afterthought.
They claimed the programme was hastily and poorly implemented, disregarding its potential negative impact on the institution.
The former employees lamented the departure of some of the CBN’s most skilled professionals in key areas such as monetary policy, research, banking examination, communication, payment system development, and strategy. They warned that the loss of experienced personnel could create critical gaps in the bank’s operations and overall effectiveness.
The affected staff also disputed statements by Muhammad Bala Bello, Deputy Governor (Corporate Services), who claimed that disengaged employees were retired and paid full benefits.
According to the former employees, many left with negative account balances. They argued their careers were abruptly terminated without proper justification or adherence to due process as outlined in the CBN Act and Human Resources Manual.
They alleged the process discriminated against them, violating their fundamental human rights, damaging their self-esteem, and causing undue hardship to their families.
The ex-staff called on the CBN management to review their cases fairly. They emphasized that addressing the issue would place the bank on the right side of history.
The Central Bank of Nigeria faces multiple lawsuits from former employees at the National Industrial Court who claim they were unfairly dismissed between March and June 2024. These litigants seek redress for what they describe as maltreatment during the exercise.
The situation highlights the need for institutions to handle restructuring processes with transparency and fairness to safeguard employee rights and organizational reputation.
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