The Central Bank of Nigeria (CBN) is preparing to retire approximately 1,000 employees as part of a strategic workforce realignment aimed at streamlining operations.
A severance package exceeding N50 billion has been allocated for the exercise, according to sources familiar with the matter.
The initiative, under the leadership of CBN Governor Olayemi Cardoso, is designed to reduce staff numbers and enhance the efficiency of the apex bank.
A circular released by the CBN three weeks ago revealed that applications for the Early Exit Package (EPP) were open to all staff categories and would close on Saturday, December 7.
However, staff members who are yet to be confirmed or have served for less than a year are exempted. The effective date of exit is set for December 31, 2024.
Officials told Daily Trust that the bank is targeting the retirement of over 1,000 employees, with at least 860 staff members already applying 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 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.
DailyTrust
