By Abigail Philip David
The Central Bank of Nigeria (CBN) has stated that its Early Exit Package for staff is entirely voluntary, refuting claims of forced retirements. In a statement released on Wednesday, the Acting Director of Corporate Communications, Mrs. Hakama Sidi-Ali, assured both staff and the public that no employee would be compelled to participate in the programme.
Sidi-Ali explained that the initiative offers eligible staff the option to retire voluntarily and is part of CBN’s strategy to support career development. She emphasized that the programme, which extends an existing policy initially limited to executive-level staff, was introduced following extensive consultations with the bank’s Joint Consultative Council (JCC), a body representing employee interests.
“For some time, staff representatives through the JCC had called on management to approve the Early Exit Package for all cadres. Following these discussions, management decided to meet this popular demand,” the statement noted.
Addressing concerns about potential repercussions for employees who decline the package, Sidi-Ali reiterated that participation is optional and that no adverse consequences would follow for those opting out. She described fears to the contrary as unfounded, affirming the CBN’s commitment to staff welfare and professional growth.
The initiative is part of broader reforms aimed at improving operational efficiency and supporting employee development, she added.
**Mass Retirement Reports Spark Legislative Interest**
Despite the CBN’s assurances, reports surfaced that the bank plans to retire approximately 1,000 employees as part of a workforce realignment initiative under the leadership of Governor Olayemi Cardoso. A severance package of over ₦50 billion has reportedly been earmarked for the exercise.
Reacting to these developments, the House of Representatives ordered the suspension of the reported mass retirement, raising concerns about its economic and institutional impact on Nigeria’s financial sector. The House set up an ad hoc committee to investigate the circumstances surrounding the initiative.
In its resolution, the Green Chamber urged the CBN to halt further implementation of the retirement scheme and its associated payouts until the investigation is concluded. The House also called on the Federal Ministry of Labour and Employment to ensure that the rights of affected staff are protected in accordance with Nigerian labour laws.
