The Central Bank of Nigeria (CBN) is reportedly set to retire over 1,000 employees as part of a strategic workforce realignment under the leadership of Governor Olayemi Cardoso. A severance package worth more than N50 billion has been earmarked for the exercise, according to insider sources.
This initiative, referred to as the Early Exit Package (EEP), is designed to streamline operations by offering eligible staff members an incentive to voluntarily leave the institution. According to a circular released three weeks ago, the application for the EEP is open to all confirmed staff who have served for more than a year. However, the window for applications will close on Saturday, December 7, 2024, with an effective exit date of December 31, 2024.
The EEP includes financial incentives based on an employee’s rank and remaining years of service. Senior Supervisors to Deputy Managers are eligible for compensation calculated for the remaining period of service, capped at 60 months of gross annual emoluments. Other cadres are capped at 18 months of gross annual emoluments. Employees are cautioned that submitted applications are final and cannot be withdrawn.
An insider revealed that as of Friday, at least 860 employees across various departments had applied for the EEP, indicating significant interest. However, the process has reportedly caused tension within the bank.
“There is serious apprehension,” one staff member told Daily Trust. “You can imagine the atmosphere. It is terrible.”
Another employee noted discrepancies in the payout calculations, stating, “For instance, I’ve worked for four years in the bank, and the package they’re offering me is between N92 million and N97 million. Meanwhile, someone at a manager level who has worked longer is entitled to only N64.5 million.”
The CBN has described the EEP as a voluntary program that provides employees seeking new career opportunities a smooth transition while helping the bank achieve its restructuring goals. Officials, speaking anonymously, revealed that the retirement exercise targets employees who joined within the past nine years during the tenure of former Governor Godwin Emefiele.
During a recent webinar, the Human Resources Department confirmed the bank’s determination to meet its retirement target.
Efforts to obtain an official response from the CBN were unsuccessful. Calls and text messages to Hakama Sidi Ali, the Director of Corporate Communication, went unanswered.
While the EEP appears to offer substantial benefits to departing employees, the ongoing restructuring has created uncertainty and unease among CBN staff. As the application deadline approaches, all eyes remain on the apex bank’s next moves in its workforce optimization plan.
