The Central Bank of Nigeria (CBN) is set to retire approximately 1,000 of its employees by December 31, 2024, in a move described as a strategic workforce realignment under the leadership of Governor Olayemi Cardoso.
It was gathered that the retirement exercise, which will cost the apex bank an estimated N50 billion, aims to streamline operations and reduce staff numbers.
The CBN’s decision comes after a period of significant staff disengagement in the past 10 months, including the departure of 17 directors who served under former Governor Godwin Emefiele.
In a circular issued three weeks ago, the CBN announced the opening of applications for its Early Exit Package (EEP), which will close on December 7.
The EEP is available to all levels of staff, with some exceptions. Employees who have not been confirmed or have served less than one year as of the date of the circular are excluded from the offer. The effective date of the early exit is set for December 31, 2024.
The CBN explained that the financial incentives for eligible employees would be based on their remaining period of service, with a maximum of 18 months of their current grade’s gross annual emoluments.
Senior supervisors to deputy managers are eligible for a severance package for up to 60 months of their current gross annual emoluments, while managers are entitled to up to 36 months. Other staff categories are eligible for up to 18 months of their gross annual emoluments.
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A staff member familiar with the details of the offer revealed that the retirement initiative particularly targets senior supervisors and deputy managers, many of whom joined the bank during the tenure of former Governor Emefiele.
The staff member mentioned that, depending on their years of service, the financial package offered to employees ranged between N64.5 million and 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 served, the more money they pay you because you don’t have gratuity,” the staff member shared with Daily Trust.
Another insider spoke of the intense atmosphere among staff members, saying, “There is serious tension, serious apprehension. You can imagine the atmosphere. It is terrible.” According to this staff member, as of Friday, 860 employees had already applied for the early exit package.
The CBN has refrained from making any official comment regarding the planned retirement of 1,000 employees. Efforts to reach the CBN’s Director of Corporate Communications, Hakama Sidi Ali, for further clarification went unanswered.
