The Central Bank of Nigeria (CBN) is reported to be preparing to retire approximately 1,000 employees as part of a strategic workforce realignment.
A severance payout worth more than N50 billion was believed to have been set aside as the reward for the exercise.
According to an insider, the retirement move is motivated by the desire to streamline operations and cut staff numbers under the leadership of Olayemi Cardoso, the apex bank’s governor.
According to Daily Trust, a circular issued by the CBN three weeks ago stated that the application for the Early Exit Package (EPP) was open to all cadres of personnel and will conclude on Saturday, December 7.
Those who have not yet been confirmed or who have served for less than a year “as of the date of publication, with the effective date of exit set at 31 December 2024,” are exempt.
Officials told Daily Trust that the CBN planned to retire around 1,000 employees.
Officials who spoke on the condition of anonymity said that at least 860 employees from various departments have already filed for the EPP.
The management described the EEP as a voluntary program offering eligible employees an incentive to exit the CBN early, “while providing employees seeking other career options a great opportunity for early exit.”
It stated that staffers could not change their minds after applying and that all completed and submitted applications are final.
According to the EEP, financial incentives for senior supervisors to deputy managers will be provided for the remainder of their employment, up to a maximum of 60 months of the present grade’s gross annual emoluments.
It further stated that financial incentives for managers would be for the remaining length of employment, up to a maximum of 36 months of the current grade’s total annual earnings.
“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 of the CBN, who spoke to the Daily Trust, disclosed that, “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 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 to go, the more money they pay you because you know, for them, you don’t have gratuity,” the staff said.
Another staff member informed Daily Trust that during a webinar on Friday, the bank’s Human Resources Department communicated the apex bank’s decision to obtain the EEP goal number.
“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.
