The Central Bank of Nigeria (CBN) plans to retire over 1,000 employees by the end of 2024 as part of a workforce restructuring effort.
According to an insider, the initiative—expected to cost the apex bank over N50 billion in severance payments—is part of a broader strategy to streamline operations under the leadership of Governor Olayemi Cardoso.
A circular released three weeks ago invited eligible staff to apply for the Early Exit Package (EEP) by December 7, 2024. The program is open to all confirmed employees except those with less than one year of service. Retirements under the scheme will take effect on December 31, 2024.
Target and Details of the EEP
The CBN reportedly aims to retire over 1,000 staff, with 860 employees from various departments already applying. The EEP is described as a voluntary program offering financial incentives to encourage early retirement and provide opportunities for career transitions.
Key financial incentives under the scheme include:
- Senior Supervisors to Deputy Managers: Payments for the remaining period of service, up to a maximum of 60 months of gross annual emoluments.
- Managers: Payments for the remaining service period, up to a maximum of 36 months of gross annual emoluments.
- Other Cadres: Payments for the remaining service period, up to a maximum of 18 months of gross annual emoluments.
Once an application is submitted, it becomes final, with no option for reconsideration.
Employee Reactions
A staff member revealed that the incentive amounts vary significantly based on rank and years left in service.
“For example, I’ve worked for four years, and the package they’re offering me is between N92 million and N97 million. Others at the managerial level are entitled to around N64.5 million. The longer you have left to serve, the higher your payout since there’s no gratuity,” the employee said.
Another staffer highlighted the tension among employees during a webinar conducted by the Human Resources Department.
“There’s serious apprehension. As of Friday, 860 employees had expressed interest in the EEP. The atmosphere is tense,” the staffer disclosed.
Official Silence
Efforts to obtain comments from the CBN’s Director of Corporate Communications, Hakama Sidi Ali, were unsuccessful, as she neither responded to calls nor replied to text messages.
This development represents a significant move by the CBN to optimize its workforce and address operational challenges amidst economic and institutional reforms.
