CBN To Retire 1000 Staffs, Plans N50bn Severance Package

The Central Bank of Nigeria (CBN) is reportedly planning to retire about 1,000 employees as part of a strategic effort to realign its workforce.

A severance package exceeding N50 billion has been earmarked for this initiative.

An insider revealed that this retirement plan is aimed at optimizing operations and reducing the workforce under the direction of the apex bank’s Governor, Olayemi Cardoso.

According to a report on Monday, a circular issued by the CBN three weeks ago disclosed that applications for the Early Exit Package (EPP) are open to staff across all levels, with the submission deadline set for 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 made it known in an interview 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 program offering eligible employees an incentive to exit the CBN early, “while providing employees seeking other career options a great opportunity for an 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 in an interview 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.