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CBN To Retire 1,000 Employees With N50bn Severance Package

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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.

BIG STORY

Bill To Make Appeal Court Final Arbiter For Governorship Election Petitions Passes Second Reading

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A bill proposing that the Court of Appeal serve as the final authority for governorship election petitions has passed second reading in the House of Representatives.

The bill, sponsored by Nnamdi Ezechi, who represents Ndokwa East/Ndokwa West/Ukwuani federal constituency of Delta State, seeks to amend Section 246 of the 1999 Constitution.

Currently, Section 246 stipulates that the Court of Appeal’s rulings on National Assembly and State Houses of Assembly election petitions are final.

The proposed amendment aims to extend this finality to governorship election disputes, preventing such cases from reaching the Supreme Court.

Objective of the Bill

When the bill passed first reading in 2024, Ezechi explained that the legislation aims to reduce delays and cut costs in post-election litigations.

If enacted, the law will eliminate the Supreme Court’s role in resolving governorship election petitions—a significant departure from the current judicial process.

Recent Supreme Court Reversals

There have been instances where the Court of Appeal nullified governorship elections, only for the Supreme Court to overturn those rulings.

Plateau State (2023): The tribunal and Court of Appeal nullified the election of Caleb Mutfwang of the PDP. However, in January 2024, the Supreme Court overturned this decision and affirmed his election.

Kano State (2023): The tribunal and Court of Appeal removed Abba Yusuf as Governor. The Supreme Court later reinstated him.

The proposed amendment would prevent such reversals by making the Court of Appeal’s decision final in governorship election disputes.

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BIG STORY

Samsung Electronics Co-CEO Han Jong-Hee Dies From ‘Cardiac Arrest’

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Han Jong-Hee, co-chief executive officer (CEO) of Samsung Electronics, has died at the age of 63 due to cardiac arrest.

According to CNN, the company confirmed his passing on Tuesday.

The report states that “Jong-Hee” had been leading Samsung’s consumer electronics and mobile devices businesses since 2022 and was appointed as vice chairman and CEO that same year.

A company spokesperson stated that “Jun Young-Hyun”, his co-CEO, who was appointed last week, will now assume the role of Samsung’s sole CEO.

Samsung Pays Tribute

In an internal message obtained by CNN, Samsung honored “Jong-Hee”, recognizing his 37 years of service and his leadership in establishing Samsung’s TV business as a global leader.

The company also credited him with contributing to growth in its electronics and appliances businesses despite a challenging business landscape.

“Our deepest condolences are with his family and loved ones during this difficult time,” the message stated.

A Career in Innovation

“Jong-Hee” joined Samsung in 1988 after earning a bachelor’s degree in electrical engineering from Inha University.

Before leading Samsung’s electronics and devices division, he was responsible for its display operations.

A company biography published last week described him as a key figure in the development of Samsung’s LED TVs, emphasizing his role in maintaining the company’s technology leadership.

Challenges for Samsung

The report highlighted that Samsung has faced significant challenges in recent years, particularly in its logic semiconductor business, which has struggled to compete with Taiwan Semiconductor Manufacturing Company (TSMC) in advanced chip production and client acquisition.

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BIG STORY

Judge Recuses Self From “Natasha Akpoti’s” Case Over Bias Allegation

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Obiora Egwuatu, a judge at the Federal High Court in Abuja, has withdrawn from the case filed by “Natasha Akpoti-Uduaghan”, senator representing Kogi Central

Egwuatu, on Tuesday, stated that his decision was based on an allegation of bias against him by “Senate President Godswill Akpabio”.

The suit was initiated by “Akpoti-Uduaghan” to prevent the Senate Committee on Ethics and Public Petitions from carrying out disciplinary proceedings against her.

On March 4, the judge had issued an order restraining the Senate from initiating disciplinary actions against “Akpoti-Uduaghan”, following an ex parte application submitted by her legal representatives.

Case to Be Reassigned

After hearing from the legal teams of the involved parties, “Egwuatu” announced his withdrawal from the case.

He directed that the case file be forwarded to “John Tsoho, the Chief Judge of the Federal High Court”, for reassignment.

The defendants in the case include:

  • The Clerk of the National Assembly
  • The Senate
  • The Senate President
  • The Chairman of the Senate Committee on Ethics

Previously, the judge ruled that the defendants had 72 hours to show cause why an interlocutory injunction should not be granted against them.

However, 48 hours later, the Senate suspended “Akpoti-Uduaghan” for six months after adopting the committee’s report.

Additionally, the Senate ordered that:

  • Her office be locked
  • She must return all Senate properties in her possession to “The Clerk of the National Assembly” for the duration of her suspension.

On March 19, “Egwuatu” overturned his March 4 order, which had earlier prevented the Senate from suspending “Akpoti-Uduaghan”.

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