The Central Bank of Nigeria (CBN) is set to retire about 1,000 of its employees by the end of 2024, according to investigations by Daily Trust.
Sources within the apex bank revealed that the move, aimed at realigning the bank’s workforce, will cost the institution over N50 billion in severance packages for the affected staff.
This large-scale retirement is part of a broader strategy by the CBN’s leadership, under Governor Olayemi Cardoso, to streamline operations. The bank’s Board of Governors has expressed a commitment to reducing the workforce as part of its ongoing organizational restructuring.
An internal circular sighted by Daily Trust reveals that the Early Exit Package (EEP) program is open to all staff levels, excluding those who are either yet to be confirmed or have served for less than one year. Applications for the voluntary program are set to close on December 7, 2024, with an effective exit date of December 31, 2024.
So far, over 860 employees have applied for the EEP, with the majority coming from senior supervisory and managerial roles. The financial incentives for senior staff include up to 60 months of their current gross annual salary, depending on their remaining service period. For lower-level employees, the incentive package is capped at 18 months of their salary. Non-financial benefits include extended healthcare for retirees and entrepreneurial training programs.
Staff members, particularly those in supervisory roles, have expressed mixed feelings about the move. One employee, who is set to receive between N92 million and N97 million for four years of service, explained that the offer primarily targets senior staff who joined the bank during the tenure of former Governor Godwin Emefiele.
The CBN’s Human Resources Department recently held a webinar to discuss the program, where tensions were reportedly high among staff. The bank’s Director of Corporate Communications, Hakama Sidi Ali, did not respond to inquiries about the mass retirements.
The move comes amid ongoing legal challenges from 17 sacked directors who are seeking redress for what they describe as unlawful termination of their appointments. Meanwhile, replacements for these directors remain pending, further fueling concerns within the institution.
