Cardoso Urged To Follow CBN’s Manual For Staff Reduction

Conference of Autochthonous Ethnic Communities Development Association (CONECDA) has appealed to the Central Bank of Nigeria (CBN) Governor Yemi Cardoso to follow established procedures for staff reduction as laid down in its Human Resource (HR) manual and best practices worldwide.

It will be recalled that over 200 CBN staff were affected by the recent downsizing. The apex bank said the action was necessitated by several factors, including the need to align the bank’s structure with its functions and objectives and redistribute skills to ensure a more even geographical spread of talent.

But the North Central coordinator of CONECDA Youth Wing Comrade Paul Dekete in a statement signed and issued in Jos, said the blatant disregard for due process had raised serious questions about transparency, adding that CBN, a federal institution, must adhere to public service rules as the dismissal exercise, carried out without board approval, lacks a solid legal foundation.

According to him, CBN relies heavily on robust cybersecurity measures, and this certification is a testament to the director’s competence and the bank’s commitment to financial security, stressing that this abrupt dismissal on the day of a major accomplishment raises serious questions about the planning and rationale behind the mass layoffs.

He also explained that the human cost of this exercise is staggering, stressing that many staff members had used their salaries as collateral for loans tied to their remaining years of service at the CBN.

“With their abrupt termination, these loans were immediately deducted from their final paychecks, leaving some with nothing and others still indebted to the bank. The impact on these individuals and their families is devastating, with their dreams and financial security shattered in an instant,” he added.

He also called on the National Assembly to investigate CBN to understand the rationale behind the mass sacking and the criteria used, adding that the insensitive termination letters should be withdrawn and replaced with more appropriate documentation that reflects the employees’ work records.

“All the disengaged staff deserve fair compensation to mitigate the economic hardship they face. All termination decisions should be reviewed. This may involve reinstating some dismissed employees without proper justification,” he said.