Central Bank of Nigeria, CBN, employees sacked recently by the Yemi Cardoso-led bank say their removal did not follow due process. The sack has now resulted in untold hardship for some of them, they said.
According to the aggrieved former employees of Nigeria’s apex bank, some of them were on the verge of retirement before they were forcefully removed by the new CBN management.
Their outburst was contained in a statement issued on Sunday in Jos, Plateau State capital, by the North Central Coordinator of the Conference of Autochthonous Ethnic Communities Development Association Youth Wing, Paul Dekete.
The group demand the immediate reinstatement of the sacked employee, describing their dismissal as injustice.
Dekete pointed out that most of those affected by the sack were majorly from the south east and North central, stressing that the CBN action violated the federal character which demand equitable sharing of positions among Nigerians.
The statement read, “The purge wasn’t limited to high-level executives. It extended far beyond directors, impacting Deputy Directors and Assistant Directors who formed the backbone of departmental operations. These were not junior staff; they were seasoned professionals with deep institutional knowledge.
“For example, the Director of Information Technology was overseeing crucial projects on the very day they were terminated, including efforts to secure international information security certifications for the bank.
“In a particularly egregious case, a Director on special assignment, tasked with leading the bank’s efforts to secure an ISO certification for information security, was sacked on the very day the bank successfully achieved this crucial milestone.
“Central banking relies heavily on robust cybersecurity measures, and this certification is a testament to the Director’s competence and the bank’s commitment to financial security. This abrupt dismissal, on the day of a major accomplishment, raises serious questions about the planning and rationale behind the mass layoffs.”
The statement further said, “The mass sack violated the bank’s own HR policy, which mandates board approval for executive terminations.
“This blatant disregard for due process has raised serious questions about transparency. The CBN, a federal institution, must adhere to public service rules. This dismissal exercise, carried out without board approval, lacks a solid legal foundation.
“Making matters worse, the bank offered no clear criteria for the mass sacking. This is a stark departure from their established culture of clear communication with staff during downsizing exercises.”
He further stated that the human cost of the sack is very enormous, with serious implications for the country’s apex bank because most of the sacked employees are highly professionals who have contributed to the bank.
He also lamented the effect of the mas sack on staff morale.
He said, “The human cost of this heartless exercise is staggering. Many staff members had used their salaries as collateral for loans tied to their remaining years of service at the CBN. With their abrupt termination, these loans were immediately deducted from their final paychecks, leaving some with nothing and others still indebted to the bank. The impact on these individuals and their families is devastating, with their dreams and financial security shattered in an instant.
“The CBN’s purge extended beyond individual hardship, raising serious concerns about ethnic bias. Reports indicate that some states saw over 80% of their executive staff removed, with North Central and South Eastern regions disproportionately affected. This blatant disregard for the principle of federal character raises troubling questions about the bank’s commitment to national unity.
“Staff morale has plummeted, with a pervasive sense of fear and uncertainty gripping the institution. Every Friday is met with dread, as rumours swirl of another list of targeted employees. The reported use of an external consultant, seemingly unfamiliar with the bank’s HR policies and civil service regulations, only exacerbates the lack of trust and transparency.”
The magazine reported that over 200 workers were recently relieved of their appointment in a major downsizing by the bank. The bank had earlier in March axed 117 workers cutting across the middle and senior levels, bringing the total to close to 400 employees who have now been sent home.
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