The Central Bank of Nigeria (CBN) has terminated the employment of approximately 200 staff across various departments as part of a bank-wide restructuring exercise.
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The affected departments include Human Resources, Development Finance, Trade and Exchange (including a prominent director, Dr. Hassan Mahmud), Financial Policy and Regulation, and Procurement and Support Services (all service coordinators in the PSSD who predominantly work in the state branches).
Many of the affected employees were reportedly surprised to receive termination letters on Friday, May 24, with their employment ending immediately.
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According to the CBN, the layoffs are due to a “significant organizational and human capital restructuring process” aligned with the bank’s recently publicized strategic direction and its new mission and vision.
The sack letters stated,
“In line with our new mission and vision, the Bank is currently undergoing a significant organizational and human capital restructuring process.
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.”
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