CBN Plans To Retire 1,000 Staff With N50bn Severance Package 

The Central Bank of Nigeria is reported to be preparing to retire approximately 1,000 employees as part of a strategic workforce realignment.

A severance package worth over N50 billion was said to have been allocated as the payoff for the exercise.
According to an insider, the retirement initiative is driven by the need to streamline operations and reduce staff numbers under the leadership of the apex bank’s Governor, Olayemi Cardoso.

A circular released three weeks ago by the CBN noted that the application for Early Exit Package (EPP) was open to all cadres of staff and will close by Saturday, December 7.
Exempted are those yet to be confirmed or who have served less than one year “as of the date of publication with the effective date of exit set at 31 December 2024.”
Officials told Daily Trust that the apex bank was targeting the retirement of over 1,000 staff members.
The officials, who spoke on condition of anonymity, were quoted as saying that at least 860 staff from the various departments have already applied for the EPP.

The management described the EEP as a voluntary programme offering eligible employees an incentive to exit the CBN early, “while providing employees seeking other career options a great opportunity for early exit.”

It cautioned that the staffers could not change their minds after applying, saying that all completed and submitted applications are final.

The EEP stated that financial incentives for senior supervisors to deputy managers shall be for the remaining period in service, up to a maximum of 60 months of the current grade’s gross annual emoluments.

It also noted that financial incentives for managers shall be for the remaining period in 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,” it added.

A staff member, who spoke to the 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 said.

Another staff member told Daily Trust that during a webinar held on Friday, the Human Resources Department of the bank expressed the apex bank’s decision to get the number it was targeting 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 contacted by Daily Trust for comments on the decision to send about 1,000 staff on early retirement, the CBN’s Director of Corporate Communication, Hakama Sidi Ali, neither answered calls nor replied to a text message sent to her.

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