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CBN Staff Terminations Spark Concerns Over Job Security

by Sopuru Sopuru

The Central Bank of Nigeria (CBN) has initiated a significant wave of staff terminations under the leadership of Governor Olayemi Cardoso. With 50 employees dismissed on April 8, this marks a notable increase in the total number of disengagements since Cardoso assumed office.

The dismissals, affecting various positions from directors to lower-ranking staff, have caused widespread apprehension among employees. Sources within the bank revealed that termination letters began circulating on March 15 and have continued bi-weekly, with the management offering little clarity on the criteria driving these decisions.

Despite inquiries, CBN officials have remained silent on the matter. Efforts to reach the acting Director of Corporate Communication, Hakama Sidi Ali, were unsuccessful.

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According to an anonymous senior management source, the terminations are anticipated to persist until the end of April. Affected staff members express frustration over the lack of justification for their dismissals, raising concerns about potential personal motives behind Cardoso and the deputy governors’ actions.

Many staff members question the fairness of the process, citing fears of arbitrary application of policies under the current management. The termination letters cite “reorganizational and human capital restructuring” as grounds for dismissal, aligning with the bank’s alleged new strategic direction.


Five directors reportedly intend to challenge their terminations, asserting their innocence and lack of involvement in any misconduct. Amidst the uncertainty, employees are living in fear of becoming the next targets of the ongoing dismissals, highlighting widespread anxiety over job security within the institution.


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