The Central Bank of Nigeria (CBN) is set to retire over 1,000 employees by the end of the year.
A CBN source with knowledge of the development, said the retirement exercise is expected to cost the apex bank over N50 billion in severance packages.
while the bank had since January 2024, disengaged several employees, including 17 directors, CBN Governor, Olayemi Cardoso, has described the move as part of a strategic workforce realignment.
Earlier, the apex bank issued a circular announcing the opening of applications for an Early Exit Package (EPP). According to the circular, the programme is opened to all confirmed staff who have served for at least one year, with the application window closing on Saturday, December 7. The effective exit date is set for December 31, 2024.
The EPP is a voluntary initiative designed to provide employees considering career transitions with an attractive exit option while aiding the bank’s restructuring efforts. Employees who opt into the EPP will receive financial incentives based on their service grade. Senior supervisors to deputy managers are eligible for up to 60 months of gross annual pay for their current grade, while managers can receive up to 36 months’ pay.
“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.
The EEP also includes non-monetary benefits, such as financial planning and entrepreneurial training programmes. It allows participants to purchase laptops under the Bank’s existing policy and offers extended medical coverage for an additional three months for both employees and their dependents.
CBN officials disclosed that the programme targets over 1,000 employees, and at least 860 applications have already been submitted from various departments.
While 17 directors who retired earlier have yet to be replaced, information on the CBN’s website, however, indicated that coordinators currently oversee each of the bank’s 13 departments.
A circular outlining the replacement process stated that deputy directors with two years or less until retirement are ineligible to apply. Additionally, applicants were instructed to apply for only one position, as submitting multiple applications could result in disqualification.