The Central Bank of Nigeria (CBN) is experiencing operational disruptions following the mass dismissal of over 600 staff since March 2024, according to sources at the bank. The layoffs, intended as part of a reorganisation effort, have particularly impacted the bank’s strategic functions, as experienced personnel were let go without adequate handover or debriefing.
On May 24 alone, over 300 staff were terminated, marking the third wave of layoffs this year. Earlier, between March 15 and April 11, 117 staff were dismissed. The first round of retrenchments targeted the CBN’s financial intelligence unit, creating significant operational gaps. Some staff from this unit were later recalled, only to be sacked again in the subsequent round of layoffs.
“The unfortunate thing about this whole process is the lack of respect for procedure. You sacked people and asked them to leave with immediate effect. No handover, no debriefing, nothing. So, the system is stuck,” a former director said.
The current leadership, under Mr. Olayemi Cardoso, has dismissed 25 of the 29 directors it inherited, leaving critical departments without permanent heads. The remaining directors include Rashida Jumoke Monguno (Corporate Secretariat), Aderinola Shonekan (Research), Omolara Duke (Financial Markets), Jimoh Musa Itopa (Capacity Development), Muhammad Abba (Human Resources), Rabiu Musa (Finance), Sirajuddin Kofo Salam-Alada (Legal Services), Blaise Ijebor (Risk Management), and Lydia I. Alfa (Internal Audit).
Senior officials report that Mr. Cardoso is planning to recruit new directors from outside the bank but has yet to make any appointments, leaving departments under the temporary leadership of acting directors for over three months.
The mass layoffs have not only slowed down operations but have also prompted affected staff to seek intervention from the House of Representatives. They plan to attend a public hearing to present evidence of how the dismissals have derailed the bank’s operations and to address the lack of disengagement packages.
The House of Representatives recently directed its Committee on Banking and Other Financial Institutions to investigate the mass sackings. This decision followed a motion of urgent public importance moved by Hon. Jonathan Gaza Gbefwi, representing Karu/Keffi/Kokona Federal Constituency of Nasarawa State.
When contacted for comment, Mrs. Hakama Sidi Ali, Head of Corporate Communication, did not respond to repeated calls or WhatsApp messages.
The ongoing turmoil within the CBN underscores the critical need for stability and experienced leadership in managing Nigeria’s central banking operations.
