Financial News Highlights May 25, 2024 – CBN Mass Sack etc

Latest Financial News

 

Mass sack at CBN, 7 directors, over 90 senior management staff lose jobs

 

Mass termination of appointments continued at the Central Bank of Nigeria (CBN) on Friday.

as up to seven directors, and well over 90 senior management staff were relieved of their jobs.

 

Information available to BusinessDay indicates that other cadres of staff affected were deputy directors, assistant directors, principal managers, senior managers and even lower-cadre staff.

CBN Reorganization – Reason For the Mass Sack

This is one in series of sacks at the CBN since Yemi Cardoso, CBN governor assumes office last year.

 

Some of those affected were Directors in charge of Statistics department, trade and exchange department, policy regulatory department, Information Technology department, the bank’s director of corporate services in Ghana and a whole lot of deputy directors.

 

BusinessDay understands that the entire staff of the economic intelligence unit whose role is basically to carry out quiet investigations in the bank were all cleared. Some other sources said up to 200 people may have been sacked in the process, and that many more may be asked to go next week Friday.

 

Meanwhile, interviews have been conducted to replace at least 70 percent of the directors position with people from outside the bank and not within.

 

“They are not promoting from within,” a top source knowledgeable on the matter said.

 

One of the tersely written sack letters addressed to one of the directors and seen by BusinessDay Friday evening had the subject “Re-Organisation” and read: “The new strategic direction of the Bank has been widely publicised. In line with our new mission and vision, the Bank is currently undergoing a significant organisational and human capital restructuring process.

“As a result of this review, I have been directed to notify you that your services will not be required with effect from Friday, May 24, 2024.

 

“Your final entitlements will be calculated and paid to you in due course. Thank you.”

 

The letter was signed by the Director, Human Resources Department.

 

“Security men will go and wait for the person in the office, after packing his or her belongings in the office, he/she will be driven home while the security brings back the car to the CBN,” another impeccable source told BusinessDay.

 

Late last year, Cardoso redeployed some of the directors to the FSS 2020 unit of the bank which is under the Governor’s purview but has its office located in the Maitama District – one of the high brow areas in Abuja.

 

The CBN had also relocated more than 1,000 staff to its Lagos office, citing need to align the bank’s structure with its functions and objectives and redistribute skills to ensure a more even geographical spread of talent.

 

The authorities had claim that the bold move which was highly been criticized was also to decongest its head office, in compliance with building regulations, as indicated by repeated warnings from the facility manager, and the findings and recommendations of the Committee on Decongestion of the CBN Head quarters.

 

A memo issued to the redeployed staff at the time read, “This is to notify all staff members at the CBN Head Office that we have initiated a decongestion action plan designed to optimise the operational environment of the Bank.”

 

 

Other Major Financial News Headlines today May 25, 2024:

Stock market down by 0.52% in Nigeria’s rates decision week

Naira closes flat as dollar supply surges two-months high of $556.25m

$100 billion club: Meet 15 members who hold 12-figure fortunes worth $2.3tn

For these and other details simply get a printed copy of business day newspaper or better still visit their website

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