A non-governmental organization, the Arewa Youth Assembly (AYA), has called on the Central Bank of Nigeria (CBN) to reconsider the voluntary exit of its 1,000 staff.
The Matrix reports that on Friday, January 3, 2025, Olayemi Cardoso, the CBN governor, told the House of Representatives at an investigative hearing that the 1,000 staff who left the bank were not forced to leave.
However, in a statement issued on Sunday, Mohammed Danlami, AYA spokesperson, said the mass layoff of CBN staff would further destabilise the economy and increase poverty levels.
Danlami said Nigeria’s economic woes, heightened by oil price volatility and insecurity, made the CBN’s staff layoff decision “ill-timed and insensitive”.
“At a time when our nation is grappling with severe economic challenges, the decision by the CBN to sack its workers will throw the victims into the current economic hardship and exacerbate the situation,” the statement reads.
“Nigeria has been facing significant economic distress, a situation exacerbated by various factors, including the aftermath of the COVID-19 pandemic, fluctuating oil prices, and ongoing security challenges.
“This backdrop makes the timing of the CBN’s decision not only imprudent but insensitive.
“It is unfathomable that an institution that is supposed to safeguard the financial health of the nation would engage in mass layoffs, thereby further destabilising the economy and increasing poverty levels.”
The northern group said the CBN’s claim that over 1,000 employees voluntarily resigned is “untenable,” implying “pressure and intimidation” were used.
“To claim that over 1,000 employees voluntarily chose to leave their jobs in such a precarious economic climate is an untenable position,” the group said.
“The language used in the official statements drips with insidious undertones, implying that employees were subjected to pressure and intimidation to make these resignations appear voluntary.
“Such an approach is not only grossly unethical but sets a dangerous precedent where employees are coerced into making decisions that affect their livelihoods and futures.”
The Arewa group warned against discriminatory actions in the CBN’s early exit package and urged transparency by publishing affected employees, state by state.
The group stressed that the purported retirement must follow federal character principles, opposing job cuts amidst economic hardship and warned against sectional favouritism.
