The Central Bank of Nigeria is reported to be preparing to retire approximately 1,000 employees as part of a strategic workforce realignment.
A severance package worth over N50 billion was said to have been allocated as the payoff for the exercise.
According to an insider, the retirement initiative is driven by the need to streamline operations and reduce staff numbers under the leadership of the apex bank’s Governor, Olayemi Cardoso.
Daily Trust reported on Monday that a circular released three weeks ago by the CBN noted that the application for Early Exit Package (EPP) was open to all cadres of staff and will close by Saturday, December 7.
Exempted are those yet to be confirmed or who have served less than one year “as of the date of publication with the effective date of exit set at 31 December 2024.”
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Officials told Daily Trust that the apex bank was targeting the retirement of over 1,000 staff members.
The officials, who spoke on condition of anonymity, were quoted as saying that at least 860 staff from the various departments have already applied for the EPP.
The management described the EEP as a voluntary programme offering eligible employees an incentive to exit the CBN early, “while providing employees seeking other career options a great opportunity for early exit.”
It cautioned that the staffers could not change their minds after applying, saying that all completed and submitted applications are final.
The EEP stated that financial incentives for senior supervisors to deputy managers shall be for the remaining period in service, up to a maximum of 60 months of the current grade’s gross annual emoluments.
It also noted that financial incentives for managers shall be for the remaining period in service, up to a maximum of 36 months of the current grade’s gross annual emoluments.
“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.
