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.

A 59-year-old Nigerian businessman, Sylva Ezeokoli, has been arrested by operatives of the National Drug Law Enforcement Agency for allegedly smuggling 700 grams of cocaine concealed in his stomach.

The arrest occurred on Friday at the E-Arrival hall of the Murtala Muhammed International Airport, Ikeja, Lagos.

Ezeokoli, who had spent 35 years in Brazil, was returning to Nigeria aboard an Ethiopian Airlines flight from São Paulo via Addis Ababa.

The NDLEA spokesperson, Femi Babafemi, in a statement on Sunday, said a body scan conducted by its officials revealed foreign objects in his stomach, which were later confirmed to be cocaine.

“As a result, he was placed under excretion observation, during which he expelled 29 wraps of substances that tested positive for cocaine, weighing 700 grams,” Babafemi added.

He said the suspect claimed that he wanted to sell the drugs in Nigeria to boost his business.

Babafemi stated, “In his statement, the suspect claimed he operates an African store in Brazil where he sells provisions, shoes, and clothes. He added that he bought the illicit consignment in São Paulo to resell in Nigeria to raise substantial capital to boost his business.”

The NDLEA spokesperson also mentioned that two consignments containing cocaine and pentazocine injection, destined for the United Kingdom via a courier company in Lagos, were intercepted on November 26.

He said, “Meanwhile, the NDLEA officers of the Directorate of Investigation and General Investigation, on Tuesday, November 26, intercepted two consignments containing cocaine and pentazocine injection going to the United Kingdom via a courier company in Lagos. While the cocaine weighing 200 grams was concealed in local fabrics, 40 ampoules of pentazocine injection weighing 110 grams were hidden in cartons.”

In Kano State, Babafemi reported that the NDLEA operatives on November 28 arrested three suspects: Jamilu Adamu, 38; Umar Musa, 32; and Bunu Ali, 27, with 2,000 ampoules of pentazocine injection and 3,135,000 Exol-5 pills at Gadar Tamburawa, Zaria Road.

Additionally, he stated that a strong strain of cannabis produced in Ghana was recovered at Ilesan Beach in Lagos.

Babafemi said, “No fewer than two 120 kilograms of Ghanaian Loud, a strong strain of cannabis produced in Ghana, were intercepted by the NDLEA operatives at Ilesan Beach, Lagos, on Thursday, November 28. A suspect, Onibogi Muftau, was arrested in connection with the seizure, while four vehicles that were to convey the shipments from the waterfront were also recovered.”

“This came on the heels of the seizure of 472kg of the same psychoactive substance at Idi-Iroko, Imeko area of Ogun State on Monday, November 25.”

Babafemi further disclosed that in Edo State, the NDLEA operatives conducted an intelligence-led raid on Ukuwague Street, Benin City, on Thursday, November 28, resulting in the arrest of two suspects, 60-year-old Monday Onyenemue and 42-year-old Evans Omogiede.

He added that during the operation, officers recovered 185.6 kilograms of cannabis and a Toyota Previa bus with registration number BEN 06XL used to transport the illicit substance.