The Central Bank of Nigeria (CBN) has announced plans to retire approximately 1,000 employees as part of its workforce realignment strategy under the leadership of Governor Olayemi Cardoso. A severance package exceeding N50 billion has been earmarked for this exercise.
A circular issued three weeks ago opened applications for the Early Exit Package (EEP) to all eligible staff, excluding those yet to be confirmed or with less than one year of service. The voluntary program offers financial incentives tailored to different employee cadres, with maximum payouts ranging from 18 to 60 months of the current grade’s gross annual salary.
As of December 1, 860 employees have reportedly applied for the package, with December 7 set as the final application deadline. Officials disclosed that the EEP primarily targets employees recruited during the tenure of former CBN Governor Godwin Emefiele.
Eligible senior supervisors and deputy managers stand to receive payouts based on their remaining years of service, with some employees reporting severance offers between N64.5 million and N97 million. The program has, however, generated mixed reactions among staff, creating an atmosphere of tension.
During a recent webinar, the CBN’s Human Resources Department reiterated its goal to meet the targeted retiree numbers, fueling concerns among employees.
The CBN has positioned the EEP as an opportunity for employees to explore other career paths while aiding the institution’s long-term strategic goals. However, the bank has emphasized that submitted applications are irreversible.
The Director of Corporate Communications, Hakama Sidi Ali, declined to comment on the development when contacted.
