Since Dr. Olayemi Cardoso assumed the position of Governor at the Central Bank of Nigeria (CBN), a wave of dismissals has swept through the institution, leaving employees grappling with heightened uncertainty about their job security.
The recent termination of 50 staff members on Monday has exacerbated fears within the workforce, marking a significant escalation in the ongoing restructuring efforts initiated by the new leadership.
Sources within the bank, speaking on condition of anonymity to Daily Trust, revealed that approximately 117 individuals have been dismissed over the past 20 days alone, affecting a wide array of departments within the CBN.
The scope of these dismissals is extensive, impacting positions ranging from high-ranking officials such as directors, deputy directors, and assistant directors to principal managers, senior managers, and lower-ranking staff.
Voicing apprehension regarding the unsettling pattern, a concerned employee remarked, “We’ve witnessed widespread dismissals across procurement, development finance, and the medical services department. This could signal impending actions in other departments. I fear they may target those who closely collaborated with the dismissed directors. Such apprehension undermines productivity and destabilizes the system.”
Another senior staff member echoed these sentiments, highlighting the sense of helplessness pervasive among those affected. “A lot of people who received their sack letter just kept quiet and left their various offices. They feel helpless by the way the system is structured,” they remarked.
Under Cardoso’s leadership, the CBN has undergone significant changes, both in policies and personnel, diverging from the tenure of the previous governor, Godwin Emefiele.
Even external stakeholders, such as vendors, have voiced discontentment, with some reporting delays in payment for services rendered to the CBN. This issue has persisted amidst suspicions that certain vendors may have benefited from arrangements under Emefiele’s management.
The evolving situation at the CBN underscores the challenges faced by employees amidst organizational restructuring and the broader implications for stakeholders within the financial institution.
