CBN continues sacking spree, axes 50 staff

The Central Bank of Nigeria (CBN) has continued its sacking spree after 50 more staff were reportedly laid off on Monday.

The latest round of disengagements at the Apex Bank took the number of affected staff to 117 within a space of three weeks.

Since Olayemi Cardoso was appointed by President Bola Tinubu as CBN governor, 29 departments of the CBN have reportedly had staff members dismissed.

The Guardian gathered that those involved included directors, deputy directors, assistant directors, principal managers, senior managers, and lower-ranking staff of the CBN.

Meanwhile, according to section 16.0 of the CBN’s Human Resources Policies and Procedures Manual (HRPPM) titled ‘Cessation of Employment’, in every case of being sacked by the bank, it has to make separations as amicable as possible for both the employee and the bank.

“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,” section 16.3.5 read.

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

Section 16.4 states that the condition for redundancy, stating that redundancy means involuntary and permanent loss of employment due to excess human resource.

“The redundancy processes are designed to provide a framework to manage change, where that change involves termination of employment,” it read.

“Adversely affected employees are given the opportunity for early separation from the bank while consultation with the Joint Consultative Council is essential and a fair process is mandatory.”

Section 16.4 also stated that employees who are adversely affected may appeal decisions made by the head, human resources.