The Central Bank of Nigeria (CBN) is set to retire around 1,000 employees by the end of the year. Sources at the bank’s headquarters revealed that the retirement package will cost over N50 billion. The CBN’s Board of Governors, led by Olayemi Cardoso, expressed commitment to reducing the workforce as part of a strategic realignment.
In the past 10 months, the CBN has disengaged many staff members, including 17 directors who served under the previous governor, Godwin Emefiele. These directors have not yet been replaced. A circular released by the CBN stated that the Early Exit Package (EEP) is open to all staff levels and will close on December 7.
Those who have not been confirmed or have served less than one year are exempt from the offer. The effective exit date is set for December 31, 2024. Officials said the bank aims to retire over 1,000 staff members, with at least 860 employees from various departments already applying for the EEP.
The management described the program as voluntary, offering incentives for early exit and opportunities for those seeking other career options.
Cbn’s early exit package detailed
The EEP provides financial incentives based on the remaining period of service and current grade.
Senior supervisors to deputy managers can receive up to 60 months of gross annual emoluments, managers up to 36 months, and other cadres up to 18 months. Non-financial incentives include financial planning and entrepreneurial capacity-building programs, laptop purchases, and extended medical care. A staff member commented that the target seems to be those who joined during the last 9 years of Governor Emefiele’s tenure.
Another staff member mentioned that during a webinar, the Human Resource Department expressed the bank’s determination to reach its target number for the EEP. The 17 directors were sacked 10 months ago, and those who retired have not been replaced. A coordinator currently heads each of the 13 departments.
Some deputy directors were allegedly invited to apply for the vacant positions following an outcry about perceived bias against them. Some of the sacked directors approached the National Industrial Court for an injunction to restrain the CBN from replacing them, claiming their employments were unlawfully terminated. The CBN’s Director of Corporate Communications, Hakama Sidi Ali, did not respond to requests for comments on the decision to send about 1,000 staff on early retirement.
