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CBN Sacks 200 More Staff in Ongoing Restructuring Efforts

Again, CBN sacks 200 staff amid restructuring plans
CBN headquarters, Abuja

The Central Bank of Nigeria (CBN) has sacked at least 200 officials, adding to the ongoing disengagements in the apex bank.

This move follows the termination of 117 staff members between March 15 and April 11, 2024. The affected individuals include directors, deputy directors, assistant directors, principal managers, senior managers, and lower-ranking staff.

Reasons Behind the Sack

The sack is part of the bank’s restructuring process, aimed at reorganizing the organization for effective operations. The new strategic direction of the bank involves significant organizational and human capital restructuring.

The bank is conducting a review to align its structure with its functions and objectives, distribute skills more evenly across different regions, and ensure compliance with building regulations, this was according to the letter released to the public by the apex bank.

Staff Reaction and Concerns

The move has caused apprehension among staff members, as the management has not specified any criteria for the decisions. Additional dismissals are expected in the coming months, spread out across staggered phases. The actual number of sacked officials is yet to be confirmed, but it is not less than 200.


In February, at least 1,500 members of staff were redeployed from the headquarters to the Lagos office as part of the bank’s decongestion action plan.

The plan aimed to optimize the operational environment, ensure compliance with building safety standards, and enhance efficient office space utilization.

Efforts to Reach CBN’s Director of Corporate Communication

Attempts to get a reaction from the bank’s Director of Corporate Communication, Hakama Sidi Ali, were unsuccessful as she did not respond to calls or text messages.

This Article is Fact-Checked. See Policy.

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