Disclosure News

Factual Reportage

Fifty more Central Bank of Nigeria (CBN) employees were fired on Monday, adding to the long list of ongoing layoffs at the apex bank.

The sackings under the supervision of CBN governor Mr Olayemi Cardoso affect 29 departments, according to reports.

117 casualties have been reported in the last 20 days.

Termination of appointments impacts directors, deputy directors, assistant directors, principle managers, senior managers, and lower-ranking workers.

The dispatch of the disengagement letters, which started on March 15, has continued every other week with palpable apprehension amongst staff of every cadre as the management has not specified any standard criteria for the decisions, insiders told our correspondent.

Since the commencement of the sacking, officials of the apex bank have refused to comment on the matter.

Like in the previous instances, attempts to get the reaction of the acting Director of Corporate Communication, Hakama Sidi Ali, yesterday was not successful as she did not pick her call or return the text messages to her line.

The apex bank has also not responded to nor denied the previous allegations on the issue that were published by this paper.

A senior management source, who does not have the permission to speak on the matter, told our reporter that the sacking spree will continue till the end of April.

Staff affected by the latest development, who also spoke to this newspaper on the condition of anonymity, said the lack of clarity or justification for the sack has made them conclude that they are victims of personal vendetta by Mr Cardoso and the deputy governors.

Section 16.0 of the CBN’s Human Resources Policies and Procedures Manual (HRPPM) titled ‘Cessation of Employment’, specifies that in every case of separation from the employment of the bank, it is the objective of CBN to make separations as amicable as possible for both the employee and the bank.

Section 16.3.5 notes that an employee’s Normal Retirement Date in CBN should coincide with the date the employee is 60 years old, or has put in 35 years of service.

“Early retirement can be considered when the employee has served for at least 10 years, and is only granted at the discretion of management,” it said.

According to the manual, the bank feels that the retirement of an employee should be an occasion for celebration and for recognition of the individual’s contributions to the bank.

However, section 16.4, which specifies the condition for redundancy, stipulates that redundancy means involuntary and permanent loss of employment as a result of excess human resource.

It explained that the redundancy processes are designed to provide a framework to manage change, where that change involves termination of employment.

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