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CBN Sacks 200 Employees in Major Restructuring

CBN Sacks 200 Employees in Major Restructuring

The Central Bank of Nigeria (CBN) has dismissed around 200 employees as part of a comprehensive restructuring effort.

The affected departments include Human Resources, Development Finance, Trade and Exchange (including notable director Dr. Hassan Mahmud), Financial Policy and Regulation, and Procurement and Support Services, which predominantly operates in state branches.

Many employees were reportedly taken by surprise when they received their termination letters on Friday, May 24, with their employment ending immediately.

CBN stated that the layoffs are part of a “significant organizational and human capital restructuring process” to align with the bank’s new strategic direction, mission, and vision.

Some of the sack letters read;

“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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