Disengaged staff of the Central Bank of Nigeria (CBN) have accused the bank’s management, led by Governor Yemi Cardoso, of high-handedness, unfair treatment, and discrimination in its ongoing staff rationalisation exercise.

Over 200 employees, including senior executives, were reportedly affected by the exercise, which the staff claim was conducted in a discriminatory and unjust manner. They criticised the CBN management for failing to introduce an optional ‘early exit’ scheme at the onset of the restructuring process. While the programme was later implemented, the staff described it as a belated and poorly executed afterthought that failed to mitigate the negative impact on the institution.

The affected employees alleged that the exercise disregarded the bank’s human resources policies and resulted in the loss of many of the CBN’s most experienced personnel in key areas such as monetary policy, research, banking supervision, communication, payment systems development, and strategy.

The concerned staff called on those overseeing the central bank to scrutinise its policies, warning that the abrupt dismissal or early retirement of skilled professionals could create significant operational gaps in such a vital institution.

The staff also disputed claims made by Deputy Governor (Corporate Services) Muhammad Bala Bello that they were retired and paid their full entitlements. They alleged that some of them left with negative account balances and insisted that their careers were abruptly terminated without adherence to the due process outlined in the CBN Act and the bank’s human resources manual.

Speaking to journalists, some of the affected staff said the process was marred by discrimination from the start, violating their fundamental rights, damaging their self-esteem, and causing hardship for their families. They called on the CBN management to review their cases with fairness and good conscience to ensure justice is served.

It is worth noting that the CBN is currently facing multiple lawsuits at the National Industrial Court, filed by employees challenging their abrupt disengagement between March and June 2024. The litigants are seeking redress for what they describe as maltreatment during the restructuring exercise.