The Central Bank of Nigeria (CBN) is reportedly preparing to retire approximately 1,000 employees by December 31, 2024.
According to a report by Daily Trust, this exercise will come at a significant cost, with the apex bank allocating N50 billion to execute the plan.
Recall that there was a series of high-profile staff disengagements over the past 10 months, which included the termination of 17 directors who served during the tenure of the former governor, Godwin Emefiele.
The bank’s restructuring effort includes an Early Exit Package (EPP), designed to offer financial incentives to eligible staff who choose to voluntarily retire. In a circular issued three weeks ago, the CBN announced that the application window for the EPP would close on Saturday, December 7, 2024, with the final exit date set for December 31.
The circular outlined the criteria for eligibility, specifying that employees who have not yet been confirmed or have served less than one year as of the date of the announcement would be exempt from the package. For those eligible, the package includes financial incentives equivalent to the remaining period of service, up to a maximum of 18 months’ gross annual salary based on their current grade.
Despite these details, the CBN has yet to release an official statement confirming the planned retirement of the 1,000 employees by year-end. However, industry insiders view the measure as a continuation of efforts to streamline the institution and reduce redundancy in its workforce.
Governor Cardoso’s leadership has been marked by significant policy shifts and reforms, with this latest development seen as part of a broader strategy to align the apex bank’s operations with contemporary challenges and objectives. While the retirement plan promises a substantial payout for departing staff, it also underscores the evolving priorities within the CBN as it seeks to position itself for enhanced operational efficiency.
