The Central Bank of Nigeria (CBN) is reportedly set to retire approximately 1,000 employees as part of a strategic workforce realignment, with a severance package exceeding N50 billion allocated for the exercise.
According to sources within the bank, the retirement initiative is aimed at streamlining operations and reducing staff numbers under the leadership of CBN Governor Olayemi Cardoso.
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A circular released three weeks ago noted that the Early Exit Package (EEP) application, open to all eligible staff, will close by Saturday, December 7, with an effective exit date set for December 31, 2024.
The circular clarified that employees who have not yet been confirmed or have served less than a year as of the announcement date are exempt.
Officials disclosed that at least 860 staff from various departments have already applied for the voluntary programme, which provides financial incentives to those seeking early retirement.
A CBN insider explained, “The EEP is structured to offer financial incentives based on the remaining service period. Senior supervisors to deputy managers can receive up to 60 months of their current grade’s gross annual emoluments. Managers are eligible for up to 36 months, while other cadres can receive up to 18 months.”
Another staff member revealed that the initiative primarily targets senior supervisors to deputy managers, many of whom joined during the tenure of the former governor, Godwin Emefiele.
“For instance, I’ve worked for four years, and the package I’m being offered is between N92 million and N97 million,” the source said. “Some at the manager level are entitled to N64.5 million. The amount depends on how much service time remains because gratuities are not provided.”
A webinar conducted by the Human Resources Department on Friday further highlighted the bank’s goal of reaching its target number for the programme.
“There is serious tension and apprehension within the bank. As of Friday, 860 staff had already indicated interest in the EEP,” a staff member reported.
Efforts to obtain comments from CBN’s Director of Corporate Communications, Hakama Sidi Ali, were unsuccessful as she did not respond to calls or text messages.
