Panic As CBN Sacks Many Directors, Managers, Others, More Layoffs Coming Soon

Governor Olayemi Cardoso of the Central Bank of Nigeria (CBN) has announced the dismissal of fifty officials from their positions, as part of an ongoing series of disengagements within the apex bank.

The latest round of dismissals spans across 29 departments and encompasses various ranks, including directors, deputy directors, assistant directors, principal managers, senior managers, and lower-ranking staff.

According to Daily Trust, this recent wave of terminations brings the total number of sacked officials from the CBN to at least 117 within the last 20 days. The disengagement process, initiated on March 15, continues biweekly, causing considerable apprehension among staff at all levels. The lack of clear criteria for these decisions has only heightened the uncertainty surrounding the ongoing restructuring.

While a senior management source revealed that the spate of dismissals is expected to persist until the end of April, affected staff members have expressed frustration over the perceived lack of justification for their termination. Some have even speculated that the actions stem from personal motives on the part of Governor Cardoso and the deputy governors.

This latest development follows a prior shake-up within the CBN, during which forty individuals, including directors, deputy directors, assistant directors, principal managers, and senior managers, were relieved of their duties.