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CBN Plans To Retire 1,000 Employees With ₦50bn Package

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6 hours ago

Dec 2, 2024.

The Central Bank of Nigeria (CBN) is set to retire approximately 1,000 employees as part of a strategic workforce realignment under the leadership of Governor Olayemi Cardoso.

A severance package exceeding ₦50 billion has been allocated for this initiative.

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EKO HOT BLOG reports that sources revealed that the retirement exercise, referred to as the Early Exit Package (EEP), is aimed at streamlining the bank’s operations.

A circular released three weeks ago stated that the program is open to all staff but excludes those with less than one year of service or those not yet confirmed in their roles. The deadline for applications is December 7, with the effective exit date set for December 31, 2024.

Insiders disclosed that 860 employees from various departments have already applied for the program, which offers financial incentives based on the length of remaining service. Senior supervisors to deputy managers will receive compensation for up to 60 months of their current grade’s gross annual emoluments. Managers are entitled to up to 36 months, while lower cadres will receive up to 18 months.

A CBN staff member shared that the package prioritizes those who joined during the nine-year tenure of former Governor Godwin Emefiele. “For instance, I’ve worked for four years, and the package offered is between ₦92 million and ₦97 million,” the source said.

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The bank’s Human Resources Department confirmed during a recent webinar that the EEP is part of a broader restructuring effort. However, the process has created tension among employees, with many expressing apprehension over the targeted retirements.

Attempts to reach the CBN’s Director of Corporate Communications, Hakama Sidi Ali, for comments were unsuccessful.