The Central Bank of Nigeria (CBN) is preparing to streamline its workforce by retiring over 1,000 employees, offering a generous severance package worth over N50 billion. This move is part of a broader strategy under Governor Olayemi Cardoso’s leadership to enhance efficiency and align the apex bank’s operations with its long-term goals.
An internal memo revealed that the initiative, termed the Early Exit Package (EEP), is a voluntary programme available to all confirmed staff who have worked for at least one year as of the announcement date. The application window, which opened three weeks ago, will close on Saturday, December 7, with the effective retirement date set for December 31, 2024.
Eligible employees who opt into the EEP will receive financial incentives based on their rank and remaining service period. For senior supervisors to deputy managers, the package covers up to 60 months of gross annual salary. Managers will receive up to 36 months, while lower cadres will be paid for up to 18 months. However, once an application is submitted, it cannot be withdrawn.
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.
