The Central Bank of Nigeria set to retire approximately 1,000 employees by the end of the year, according to reliable sources within its headquarters.
The retirement exercise is expected to cost the apex bank over ₦50 billion in severance packages.
The CBN Board of Governors, chaired by Olayemi Cardoso, has described the move as part of a strategic workforce realignment aimed at reducing its staff strength.
Over the past 10 months, the CBN has disengaged several employees, including 17 directors who served under the former governor, Godwin Emefiele. Notably, these director positions remain vacant.
Three weeks ago, the CBN issued a circular announcing the opening of applications for an Early Exit Package, EPP.
The program is available 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.
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.
CBN officials disclosed that the program targets over 1,000 employees, and at least 860 applications have already been submitted from various departments. However, the management has clarified that once an application is submitted, it cannot be withdrawn.
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.
“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 programs. 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.
This extension begins after the initial three-month medical access period provided to exiting staff concludes.
A staff member 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 9 years of Governor Emefiele.
“For instance, I’ve worked for 4 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 disclosed that during a webinar on Friday, November 29, the bank’s Human Resource Department reiterated the apex bank’s resolve to meet its target number 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 said.
The 17 directors who were dismissed or retired 10 months ago have yet to be replaced.
As of Sunday, December 2, information on the CBN’s website 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.
Amid criticisms over the perceived exclusion of serving deputy directors, reports suggest that some of them were subsequently invited to apply for the vacant roles.
A senior staff stated that: “As it is, most of those who should qualify were affected alongside the sacked directors.”
A few of the dismissed directors filed a motion four weeks ago at the Abuja Division of the National Industrial Court of Nigeria, seeking an interlocutory injunction to prevent the CBN from filling their positions. They argued that their termination was unlawful and lacked justifiable grounds.
