Mass sack disrupts CBN’s operations

The recent mass sacking of various cadres of staff has started affecting operations of the Central Bank of Nigeria (CBN), Daily Trust has learnt.

The CBN has dismissed over 600 staff since March this year.

On May 24 alone, over 300 staff were laid off; about the third time the apex bank disengaged some of its staff. Between March 15 and April 11, 2024, over 117 staff were sacked for what was described as efforts to reorganise the bank.

Some sources in the management of the bank told Daily Trust Sunday that the mass retrenchment has “depleted the experienced reservoir of the CBN and slowed down strategic operations as those who understand the operations were booted out without the opportunity to transfer knowledge or debrief”.

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The first retrenchment exercise affected staff of the CBN’s financial intelligence unit.

Officials at the bank informed our reporter that this had created a gap in operations.

Sources said the management, upon discovering that the operations of the intel unit had been adversely affected, recalled the staff two months later and sacked them again in the latest retrenchment exercise.

“The unfortunate thing about this whole thing is the lack of respect for process. You sacked people and asked them to leave with immediate effect. No hand over, no debriefing, nothing. So, the system is stuck,” a former director said.

With the exception of four of them that recently retired on attaining the statutory retirement age of 60, the current leadership of the CBN led by Mr. Olayemi Cardoso sacked 25 of the 29 directors it inherited.

Those directors were heading various strategic departments under the directorates of the bank.

The CBN directors still in service are 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.

‘Cardoso shopping for external personnel to fill slots of exited directors’

Senior officials at the CBN told our reporter that  the management had concluded plans to recruit new directors from outside the apex bank.

One of them said: “Why are the departments still being manned by departmental coordinators more than three months after the sack of the substantive directors?

“Since his (Cardoso’s) appointment, no director has been appointed. He has kept all vacant departments under the leadership of acting directors,” another source said.

Affected staff take case to NASS

Some of the affected staff, who spoke to our correspondent, said they would attend the public hearing of the House of Representatives to provide evidence of how the CBN’s current management had derailed the operations of the bank with the mass sack.

They also said they had not received any disengagement package.

The House of Representatives had, a fortnight ago, directed its Committee on Banking and other Financial Institutions to investigate the circumstances leading to the mass sack.

This followed the adoption of a motion of urgent public importance moved by the member representing Karu/Keffi/Kokona Federal Constituency of Nasarawa State, Hon Jonathan Gaza Gbefwi.

When contacted yesterday for comment on whether or not the mass sacking is affecting the operations of the CBN,

Head, Corporate Communication, Mrs Hakama Sidi Ali, neither answered repeated calls nor replied to WhatsApp messages sent to her mobile telephone line.