By Abigail Philip David
The Central Bank of Nigeria (CBN) is set to retire around 1,000 employees as part of a strategic effort to streamline operations and reduce workforce size.
Reports indicate that a severance package exceeding N50 billion has been allocated for the exercise, which is described as a voluntary initiative under the leadership of the bank’s Governor, Olayemi Cardoso.
A circular issued three weeks ago outlined the Early Exit Package (EEP) program, which is open to all staff except those who are unconfirmed or have served for less than one year. The deadline for applications is Saturday, December 7, with the effective date of exit set for December 31, 2024.
According to insider sources, at least 860 employees from various departments have already applied for the EEP. The program offers financial incentives based on the remaining years of service, capped at 60 months of gross annual emoluments for senior supervisors to deputy managers, 36 months for managers, and 18 months for other cadres.
CBN management emphasized that the program is voluntary and intended to provide employees with an opportunity to transition to other career paths. However, it also stated that applications are final and cannot be reversed once submitted.
Employees have expressed mixed reactions to the initiative. One staff member revealed that compensation varies based on remaining service years, with payouts ranging from N64.5 million to N97 million. Another noted rising apprehension among staff, describing the workplace atmosphere as tense.
Despite efforts to contact the CBN for comments, the bank’s Director of Corporate Communications, Hakama Sidi Ali, did not respond to inquiries.
