Kehinde Fajobi
The Central Bank of Nigeria (CBN) has clarified that its Early Exit Package for staff is entirely voluntary and does not involve forced retirements.
In a statement issued on Wednesday, the Acting Director of Corporate Communications, Mrs Hakama Sidi-Ali, assured both employees and the public that no staff member would be compelled to retire under the initiative.
She stated, “The Central Bank of Nigeria has dismissed claims of forced mass retirements, clarifying that its Early Exit Package is entirely voluntary and without any negative repercussions for eligible staff.”
Mrs Sidi-Ali explained that the Early Exit Package is an extension of an existing policy initially exclusive to executive staff.
Following consultations with the Bank’s Joint Consultative Council (JCC), which represents staff interests, management decided to make the programme available to all eligible employees.
“For some time, staff representatives through the JCC had called on management to approve the early exit package for all cadres. Following these discussions, management decided to meet this popular demand,” she added.
Addressing concerns about potential repercussions for those opting out of the scheme, Sidi-Ali assured employees that participation was voluntary and would not result in negative consequences.
She reiterated the CBN’s commitment to employee welfare and professional development.
The statement noted, “The initiative is an internal corporate matter designed to promote career development and operational efficiency.”
The CBN is reportedly undertaking a workforce realignment that could involve the retirement of approximately 1,000 staff members.
A severance package worth over ₦50 billion has been earmarked for the exercise, according to insider sources.
The House of Representatives recently intervened, ordering the suspension of the mass retirement exercise and setting up an ad hoc committee to investigate the matter.
The House also resolved to engage the CBN leadership to assess the potential impact of the retirements on Nigeria’s financial sector.
Additionally, lawmakers urged the Federal Ministry of Labour and Employment to protect the rights of affected staff under Nigerian labour laws.
This development comes amid ongoing reforms under the leadership of CBN Governor Olayemi Cardoso, aimed at streamlining operations and enhancing efficiency at the apex bank.