Central Bank Of Nigeria Accused Of Offering N300,000 Compensation To Staff Sacked After Over 10 Years In Service
According to the source, the affected staff, some of whom had spent between five and 14 years working with the apex bank, were disengaged under what management termed “organizational restructuring.”
The Central Bank of Nigeria (CBN), has been accused by a group of former employees of offering as little as N200,000 to N300,000 as compensation after they were abruptly dismissed following years of service.
In an account shared with SaharaReporters, one of the affected workers described the mass disengagement as sudden, opaque, and devoid of due process, alleging that employees were sacked without prior warning, query, or fair hearing.
According to the source, the affected staff, some of whom had spent between five and 14 years working with the apex bank, were disengaged under what management termed “organizational restructuring.”
“After 5, 9, and even 14 years of dedicated service to the Central Bank of Nigeria, we were disengaged overnight under the guise of ‘organizational restructuring,’” the source said. “There was no transparency and no clear indication of who would be affected or why.”
The source further alleged that in the case of staff at the Abuja Branch 15 unit, their dismissal was linked to a petition allegedly written by an unidentified colleague, the contents of which were never disclosed to those affected.
“We were never issued any HR query, no warning letter, and there was no opportunity to defend ourselves,” the source added. “In a single moment, our livelihoods and the stability of our families were destroyed.”
The former employees also accused a former head of the Abuja office of workplace bullying and victimisation, claiming her tenure contributed to the events that led to their eventual dismissal.
They alleged that performance appraisals were manipulated and that internal complaints were ignored.
In one instance, the source claimed that a Deputy Director affected by the exercise had his disengagement status later changed to retirement, allegedly allowing him to receive full benefits, raising concerns about inconsistency and preferential treatment.
The workers said that nearly two years after their dismissal, they are still grappling with emotional and financial hardship.
“Many of us had outstanding loans, car loans, housing loans, and we were told our entitlements would be used to offset these debts, leaving us with nothing,” the source said.
According to another affected staff member, about 15 employees were impacted by the decision. Of these, four had served for over 10 years, 10 had spent around nine years, while others had worked between five and six years.
The group is demanding either reinstatement to their positions with appropriate grade levels or full compensation equivalent to the remaining years of their expected service.
They also alleged that the bank pressured them to accept a one-month salary payout and sign agreements waiving their rights to legal action.
“They are offering us just one month’s salary, some of us will get N200,000 to N300,000 depending on grade, and asked us to sign that we won’t take them to court. We did not agree,” the source said.
Efforts to resolve the dispute out of court reportedly failed, as both the workers and their legal representatives rejected the terms.
“This month makes it two years since some of us were sacked. We are going through a lot,” another affected worker lamented.
The former employees are now calling for public support and intervention, insisting that their treatment violates basic principles of fairness, labour rights, and due process.
“Due process and fair hearing are not privileges; they are fundamental rights,” the source said.
“We are speaking out not just for ourselves, but for every Nigerian worker who deserves dignity and justice.”
