The Central Bank of Nigeria is reportedly preparing to retire around 1,000 employees as part of a strategic workforce realignment.

A severance package valued at over N50 billion has been allocated to facilitate the exercise.

An insider revealed that the retirement initiative is aimed at streamlining operations and reducing the workforce under the leadership of the bank’s Governor, Olayemi Cardoso.

According to Daily Trust, a circular released three weeks ago by the CBN stated that the application for the Early Exit Package (EPP) is open to all staff categories, with the application deadline set for Saturday, December 7.

Those exempted include employees who have not yet been confirmed or have served less than one year “as of the date of publication, with the effective date of exit set at 31 December 2024.”

Officials confirmed (to Daily Trust) that the apex bank is targeting the retirement of over 1,000 employees.

The officials, speaking on the condition of anonymity, stated that at least 860 staff members from various departments have already applied for the EPP.

The management described the EEP as a voluntary program offering eligible employees an incentive to exit the CBN early, “while providing employees seeking other career options a great opportunity for early exit.”

It was emphasized that once employees submit their applications, they cannot change their minds, as all completed and submitted applications are final.

The EEP outlines that financial incentives for senior supervisors to deputy managers will be based on the remaining period of service, up to a maximum of 60 months of the current grade’s gross annual emoluments.

Additionally, it states that financial incentives for managers will be for the remaining period of service, up to a maximum of 36 months of the current grade’s gross annual emoluments.

“Financial incentives for all other cadres of staff shall be for the remaining period in service, up to a maximum of 18 months of current grade gross annual emoluments,” the document added.

A staff member, who spoke to Daily Trust, said, “The way they dated the offer, you’ll know that the target is actually from senior supervisors to deputy managers. If you look at it, they’re mostly those that came in within the nine years of Governor Emefiele.

“For instance, I’ve worked for four years in the bank; the package they’re giving me is between N92 million to N97 million.

“Some others have worked up to a manager level and are only entitled to N64.5 million. So, the more time you have to go, the more money they pay you because you know, for them, you don’t have gratuity,” the staff member explained.

Another staff member shared with Daily Trust that during a webinar on Friday, the Human Resources Department expressed the bank’s intent to achieve its target number for the EEP.

“There is serious tension, serious apprehension. You can imagine the atmosphere. It is terrible.

“As of Friday, there were 860 people so far that have indicated interest in the EEP,” the staff member said.

When Daily Trust reached out to the CBN for comments on the decision to retire about 1,000 employees, the bank’s Director of Corporate Communication, Hakama Sidi Ali, neither answered calls nor responded to text messages.

In a bold effort to combat poverty, hunger, and hopelessness among vulnerable children, Flamestar Empowerment Initiative (FEI) is emerging as a transformative force in Nigeria’s social development landscape.

This dynamic non-governmental organization (NGO) is dedicated to creating sustainable, community-led solutions that inspire hope and provide opportunities for children and families.

Founded on the principle that no child’s future should be left to chance, Flamestar Empowerment Initiative focuses on breaking cycles of hardship, steering children away from crime and exploitation, and opening doors to education, mentorship, and personal growth.

At the core of its mission is education, which Flamestar Empowerment Initiative views as the foundation of empowerment. Through scholarships, school supplies, and feeding programs for underprivileged families, the NGO ensures that children who might otherwise be left behind gain access to quality learning opportunities.

The organization also ensures the attainment of sustainable development goals (SDGs) including Quality Education, No Poverty, Gender Equality and Zero Hunger for children and families.

A key focus of the organizations work is rescuing children from paths of exploitation. The NGO plans to save many young lives from child labor, trafficking, and abuse. These children will be provided with safe spaces to play, learn, and heal from trauma, as well as access to counseling and peer support groups to rebuild their confidence and envision brighter futures.

In addition to its grassroots efforts, Flamestar Empowerment Initiative will actively raise awareness about child exploitation and advocates for stronger child protection policies. By partnering with other NGOs and local authorities, the organization will be contributing to systemic changes that safeguard vulnerable populations.

However, it’s mission extends beyond individual children. The organization recognizes that breaking the cycle of poverty requires uplifting entire communities. By engaging parents, caregivers, and community leaders, it fosters sustainable, long-term development.

The NGO’s impact will be further amplified through strategic collaborations. By supporting smaller organizations with resources, training, and mentorship, Flamestar Empowerment Initiative creates a ripple effect, extending its reach to more communities and children in need.

Through this enablement initiative, dozens of smaller NGOs will be able to strengthen their capacity, ensuring that more children benefit from targeted interventions. As a result, countless children will now be able attend school, excel academically, and pursue their dreams while inspiring the next generation.

Looking ahead, Flamestar Empowerment Initiative plans to deepen its focus on sustainable development. Expanding educational initiatives and launching new empowerment programs in underserved communities are at the forefront of its vision.

As part of its initiative for 2024, Flamestar Empowerment Initiative is planning a charity drive tagged ‘December Charity Drive-“Feed Lagos1000”

Slatted for December 20, 2024, at Mende, Maryland, Lagos, Nigeria, the NGO plans to distribute food packages to 1,000 people, providing them with essentials for the month thus bringing a sense of relief and celebration during the festive season.

Emphasizing on the objective of Flamestar Empowerment Initiative, Ms. Tosin Lewis, Director of Communications, Flamestar Empowerment Initiative said: “A key focus of the NGO’s work is rescuing children from paths of exploitation. No doubt, Flamestar Empowerment Initiative has set itself to become a beacon of hope for countless children and families, breaking cycles of poverty, hunger, and crime while transforming lives and reshaping communities.

The Port Harcourt Refining Company has clarified that its operations were not entirely halted but temporarily scaled down to allow for improvements at the facility.

The company made this clarification on Sunday after the Independent Petroleum Marketers Association of Nigeria (IPMAN) stated it would not purchase fuel from the Port Harcourt refinery if the Nigerian National Petroleum Company Limited (NNPCL) sold the product at an inflated price.

Oil retailers had alleged that NNPCL was selling petrol from the refinery at N1,030 per litre, about N60 higher than the price of fuel produced by the Dangote Petroleum Refinery. While NNPCL denied this claim, it did not provide the actual price of petrol produced at the recently rehabilitated Port Harcourt refinery.

During a guided tour of the refinery, led by the Managing Director, Ibrahim Onoja, the Executive Director of Operations at Nigerian Pipeline and Storage Company Limited, Moyi Maidunama, confirmed that the plant was operational.

Maidunama told journalists that there was a temporary hitch in operations, but explained that the reduction in operations was necessary to address technical issues and enhance capacity.

He said, “So, the operations were not halted. It was obviously reduced due to some improvements that we needed to make. We are managing the process with the number of trucks available today, using a few loading arms for evacuation. This should be resolved soon.”

He assured all that product distribution was ongoing, with several trucks loading refined products, and added that the process would continue uninterrupted.

The Terminal Manager, Port Harcourt Depot, Worlu Joel, confirmed that the facility had commenced the distribution of products, including Premium Motor Spirit, kerosene, and diesel.

He, however, expressed concerns over the low turnout of tanker drivers.

He said, “We have surplus products available and operational loading arms, but we’ve had to beg tanker drivers to come and evacuate products. We’ve loaded more than ten trucks already and expect to dispatch at least 15 before the day ends.”

Joel noted that the depot operates with 11 functional loading bays, but only three are currently in use due to their high efficiency. Each bay, he explained, can load three trucks in just 15 minutes.

“If you give us 100 trucks today, we can evacuate them in less than five hours,” he assured.

Highlighting the strides made at the refinery, the Managing Director, Ibrahim Onoja, said the plant had undergone extensive upgrades to improve efficiency and reliability.

“The plant is running, and we are trucking out our products. We’ve carried out a massive revamp, replacing most of the equipment, including pumps, instrumentation, and cables. What we’ve done here is a significant upgrade of the facility,” Onoja stated.

The PHRC team reiterated its commitment to maintaining consistent product distribution while ensuring that ongoing improvements enhance the refinery’s overall operations.

• IPMAN Reacts

The Independent Petroleum Marketers Association of Nigeria said it would not buy from the Port Harcourt refinery if NNPCL sells the fuel at an expensive rate.

IPMAN said it was not expecting the Port Harcourt refinery’s petrol to be more expensive than that of the Dangote refinery or to be at par with the imported one.

The spokesperson of the association, Chinedu Ukadike, while speaking in an interview with our correspondent on Saturday, said fuel from the Port Harcourt refinery should be more affordable.

Ukadike was reacting to claims by the Petroleum Products Retail Outlet Owners Association of Nigeria that the NNPC would sell its PMS at N1,030 per litre.

He said the price was not acceptable to independent marketers so they would have to stay with another petrol source.

“If the Port Harcourt refinery’s PMs price is truly N1,030, it is unacceptable to us independent marketers. We will not buy from them. We will buy where it is cheap,” he said.

Ukadike, however, expressed hope that NNPC would review the price.

They promised to review the price. We will wait till then, but now we will buy from where it is cheaper,” he stated.

Recall that the NNPC has said it has not started selling PMS from the Port Harcourt refinery to outsiders, its products are exclusively for its retail stores at this stage.

NNPC spokesperson, Olufemi Soneye, said the price would be reviewed based on operational realities.

“Our pricing is reviewed and adjusted periodically as necessary to reflect operational realities,” he stated.

• CORAN Comments

The Crude Oil Refineries Owners Association of Nigeria said the blended PMS from the refinery should be cheaper than the one produced directly.

CORAN National Publicity Secretary, Eche Idoko, said “It should be very cheap.”

Giving insights into the blending of petroleum products, Idoko explained that naphtha is a flammable liquid hydrocarbon mixture used as a feedstock for producing petrol, diesel, and other petroleum products. In contrast, Cracked C5 is used to break down heavier hydrocarbons into lighter ones.

He said the NNPC’s decision to blend naphtha with cracked C5 to produce petrol is likely aimed at increasing petrol production, improving petrol quality or reducing production costs.

“Blending naphtha with cracked C5 might be more cost-effective than using other feedstocks or production methods,” he stated.

However, he said some concerns have been raised about blending, including environmental impact due to the blending process releasing harmful emissions or pollutants.

He also added that the blended petrol might not meet international standards, potentially affecting vehicle performance, emissions, and safety.

He warned that if the naphtha as well as other feedstocks needed for the blending is imported, the exercise might not be sustainable in the long term.

“It’s essential to note that the NNPC’s decision to blend naphtha with cracked C5 is likely driven by various factors, including economic, logistical, and technical considerations,” Idoko explained.

• N860 Per Litre

An Energy Consultant, Henry Adigun, said the PMS from the Port Harcourt refinery should be around N860 to N870 because it was blended.

Adigun said the Port Harcourt refinery is not a blending plant, but the facility is yet to attain the level where it would produce petrol directly without any need to blend.

According to him, straight-run gasoline has higher sulphur content and it must be blended to get the required standard.

“The straight-run gasoline only means gasoline with higher sulphur content. It is not illegal to blend. They blend everywhere in the world, just ensure everything is normal,” Adigun said.

Asked if the facility is more or less a blending plant rather than a refinery, he replied in the negative.

“It is not a blending plant. It’s a refinery. A refinery can also be a blending plant,” he said.

Speaking on why the refinery could not produce standard petrol that would not require any blending component, the expert explained, “They have not got to that point. Where they are now is not the stage where they can produce petrol directly. There are different refinery stages. That is the stage they are now.

“The blended product will be (more) cheaper. It should be between N860 and N870,“ Adigun disclosed.

Credit: The Punch