Sacked CBN Employees Allege Unfair Dismissals, Seek Reinstatement 

Central Bank of Nigeria (CBN) employees express shock and outrage over sudden terminations, alleging mistreatment and lack of severance pay.

Former workers, including high-ranking executives, demand reinstatement and compensation, citing violations of human resource policies.

In a statement released on Sunday, Paul Dekete, North Central Coordinator of the Conference of Autochthonous Ethnic Communities Development Association Youth Wing, called for the immediate reinstatement of the fired workers.

“The purge affected more than just high-ranking executives. It also impacted Deputy Directors and Assistant Directors who played crucial roles in the bank’s operations. These were not entry-level employees; they were experienced professionals with valuable institutional knowledge”.

“For instance, the Director of Information Technology was overseeing vital projects, including efforts to obtain international information security certifications for the bank, when they were terminated. Furthermore, a Director leading the bank’s ISO certification for information security was fired on the day the bank achieved this milestone. This abrupt dismissal raises concerns about the reasoning behind the mass layoffs.”The statement read.

The statement further criticized the manner in which the mass firing was conducted.

“The mass firing violated the bank’s HR policy, which requires board approval for executive terminations. This lack of due process raises questions about transparency and adherence to public service rules. In addition, the bank provided no clear criteria for the dismissals, departing from their usual transparent communication during downsizing exercises.”

Speaking on behalf of the sacked CBN employees, Dekete emphasized the personal impact on the affected workers. “Dedicated workers, some with over 30 years of service, were let go with a cold, impersonal letter. The impact is immense, with many employees left without financial security and others burdened with loans due to the sudden termination.

“The purge also raises concerns of ethnic bias, as certain regions were disproportionately affected. This raises questions about the bank’s commitment to national unity. Staff morale has plummeted, with fear and uncertainty prevailing in the institution. The reported use of an external consultant unfamiliar with HR policies adds to the lack of trust and transparency.”

The mass termination included the entire Economic Intelligence Unit (EIU), a critical unit in the bank focused on identifying and monitoring illegal financial activities in Nigeria. Established in 2018, the EIU was composed of the bank’s top talent from various departments.

Dekete outlined several demands on behalf of the sacked workers, including fair compensation, proper documentation of their work history, and a review of the termination decisions to ensure compliance with CBN policies and public service rules. He also called on regional governors to investigate any potential underlying motives for the dismissals.

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