Approximately 200 employees across various departments, including Human Resources and Financial Policy, were terminated in the recent restructuring at the Central Bank of Nigeria (CBN). Notable directors, such as Dr. Hassan Mahmud, were affected by the job cuts, sparking concerns among the impacted workforce.
The sudden termination letters, received on Friday afternoon, marked an immediate end to employment, catching employees off guard. The CBN cited “significant organizational and human capital restructuring” aligned with its new strategic direction as the reason for the layoffs.
While the true extent of the layoffs remains uncertain, the abruptness of the terminations has stirred anxiety and unrest among affected employees, despite the bank’s emphasis on its new mission and vision.