The Central Bank of Nigeria (CBN) is reportedly preparing to retire approximately 1,000 employees as part of a strategic workforce realignment. A severance package totaling over N50 billion has been set aside for this exercise.
According to sources, the initiative is driven by the need to streamline operations and reduce staff numbers under the leadership of CBN Governor Olayemi Cardoso.
Daily Trust reported on Monday that a circular released by the CBN three weeks ago revealed that applications for the Early Exit Package (EEP) would be accepted from all staff cadres, with the deadline set for Saturday, December 7. However, those who have not been confirmed or who have served less than one year as of the publication date are excluded from the package. The effective date of exit is set for December 31, 2024.
An anonymous source confirmed that the bank is targeting the retirement of over 1,000 employees, with at least 860 staff members already applying for the EEP.
CBN management described the EEP as a voluntary program designed to offer eligible employees an incentive to leave early, providing a valuable opportunity for those seeking career transitions. However, applicants were warned that once applications are submitted, they cannot be reversed, as all applications are final.
Financial incentives for senior supervisors and deputy managers will be calculated based on the remaining period of service, with a maximum of 60 months of their current grade’s gross annual emoluments. Managers will be offered financial incentives for up to 36 months, while employees in other staff cadres will receive incentives for up to 18 months of their gross annual emoluments.
One staff member who spoke with Daily Trust revealed, “Based on how the offer is structured, it’s clear that the target group is senior supervisors to deputy managers. Those who have been with the bank for a longer period are receiving larger packages. For example, I’ve worked for four years and the package offered to me is between N92 million and N97 million. Others at the manager level are entitled to only N64.5 million. The more time you’ve been with the bank, the higher the payout, since they don’t provide gratuity.”
Another staff member shared concerns during a webinar with the CBN’s Human Resources Department, noting a sense of tension and apprehension among staff. “The atmosphere is tense. As of Friday, 860 people had already expressed interest in the EEP,” the source said.
Despite multiple attempts to contact the CBN’s Director of Corporate Communications, Hakama Sidi Ali, for comment on the planned early retirements, Daily Trust did not receive a response.
