Kehinde Fajobi
The Central Bank of Nigeria (CBN) is set to retire about 1,000 employees before the end of 2024, with a severance package exceeding ₦50 billion.
This move, part of a strategic workforce realignment under Governor Olayemi Cardoso, is aimed at streamlining operations, according to Daily Trust investigations.
Sources at the CBN headquarters confirmed that the early retirement program, known as the Early Exit Package (EEP), is open to all staff except those who have not yet been confirmed or have served less than one year.
The application deadline for the EEP is December 7, 2024, Daily Trust reports.
The initiative follows several staff disengagements over the last 10 months, including the removal of 17 directors appointed under former Governor Godwin Emefiele. These positions remain unfilled.
At least 860 employees have already shown interest in the EEP, according to anonymous CBN sources quoted by Daily Trust.
The bank has warned that once staff submit their applications, they cannot withdraw them.
The financial incentives vary based on staff rank, with senior supervisors to deputy managers receiving up to 60 months of gross annual emoluments. Managers are eligible for up to 36 months, while other staff may receive up to 18 months.
In addition to financial compensation, non-financial incentives include financial planning courses and extended medical care for up to three months post-retirement.
A staff member shared with Daily Trust, “For four years in the bank, I’m getting between ₦92 million to ₦97 million. Some who’ve worked longer may get more.”
Another staff member described the atmosphere as tense, with widespread apprehension about the EEP.
In addition to the retirement initiative, the CBN is facing challenges with replacing 17 sacked directors.
Allegedly, some deputy directors have been invited to apply for the vacant positions after concerns were raised about the selection process.
CBN’s Director of Corporate Communication, Hakama Sidi Ali, did not respond to requests for comment regarding the early retirement initiative, Daily Trust reports.
The CBN’s HR manual outlines that employees may apply for early retirement after 10 years of service, but redundancy can also be a reason for termination, driven by structural, economic, or technological factors.