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.
