The Central Bank of Nigeria (CBN) is set to retire about 1,000 employees by the end of the year as part of a strategic realignment of its workforce, according to reliable sources at the bank’s headquarters. The retirement package is expected to cost over N50 billion.
In the past 10 months, the CBN, under the leadership of its Board of Governors chaired by Olayemi Cardoso, has disengaged many staff members, including 17 directors who served under the immediate past governor, Godwin Emefiele. These positions are yet to be replaced.
A recent circular released by the CBN stated that the Early Exit Package (EEP) is open to all cadres of staff, with the application window closing on December 7, 2024. The effective date of exit is set for December 31, 2024. Sources within the bank revealed that at least 860 staff from various departments have already applied for the EEP.
The EEP offers financial incentives based on the employee’s position and remaining period of service. Senior supervisors to deputy managers can receive up to 60 months of their current grade’s gross annual emoluments, while managers are eligible for up to 36 months. Other cadres of staff can receive up to 18 months of their current grade’s gross annual emoluments.
One staff member, who spoke anonymously, shared that for their four years of service, they were offered between N92 million and N97 million under the EEP. Another staff member noted that during a recent webinar, the Human Resource Department expressed the bank’s determination to reach its target number for the EEP, creating an atmosphere of tension and apprehension among employees.
The CBN’s Human Resources Policies and Procedures Manual (HRPPM) outlines the conditions for normal retirement, early retirement, and redundancy. While normal retirement is set at 60 years of age or 35 years of service, early retirement can be considered after 10 years of service at the management’s discretion. Redundancy, which involves involuntary and permanent loss of employment due to excess human resources, requires consultation with the Joint Consultative Council and a fair process.
When contacted for comments, the CBN’s Director of Corporate Communication, Hakama Sidi Ali, did not respond to calls or a text message.