The Central Bank of Nigeria (CBN) is set to retire approximately 1,000 employees before the end of 2024 as part of a strategic workforce realignment.
Sources within the apex bank confirmed that the retirement package for affected staff would cost over N50 billion.
This development follows the bank’s recent changes under the leadership of Governor Olayemi Cardoso. Over the past 10 months, the CBN has already disengaged several staff, including 17 directors who served under former Governor Godwin Emefiele. These director positions remain vacant.
The retirement program, known as the Early Exit Package (EEP), was announced in a circular inviting eligible staff to apply before the December 7 deadline. Employees with less than one year of service or those not yet confirmed are exempt from the program. The exit date for successful applicants is set for December 31, 2024.
According to the circular, financial incentives under the EEP will vary based on employee grade
As of Friday, 860 staff members had already applied for the EEP. The initiative has sparked tension within the bank, with many employees uncertain about their future. Some staff members expressed concerns over the timing and structure of the program, noting that it primarily targets employees hired during Emefiele’s tenure.
One staff member disclosed that their four years of service would result in a payout of between N92 million and N97 million. Others noted disparities in the compensation package based on their roles and remaining years of service.
In addition to the retirement program, the CBN is yet to replace the directors who were dismissed earlier in the year. A recruitment process is reportedly underway but excludes deputy directors with less than two years to retirement.
The CBN has declined to comment on the retirement plans. Attempts to reach the Director of Corporate Communications for clarification were unsuccessful.
Under its Human Resources Policies and Procedures Manual, the CBN emphasizes amicable separations and outlines frameworks for redundancy and early retirement. However, the ongoing workforce restructuring has left many employees apprehensive about the bank’s future direction.
