CBN Plans To Retire 1,000 Employees With N50 Billion Payoff Package

The Central Bank of Nigeria (CBN) is reportedly set to retire around 1,000 employees as part of a workforce restructuring initiative.

It was gathered that the the retirement exercise includes a severance package estimated to exceed N50 billion.

Insiders revealed that the move is aimed at optimizing the bank’s operations under the leadership of Governor Olayemi Cardoso.

According to Daily Trust, a circular issued three weeks ago invited staff to apply for an Early Exit Package (EPP).

The application window will close on Saturday, December 7, with the effective exit date set for December 31, 2024.

However, the program excludes staff who are yet to be confirmed or have served less than a year.

Sources disclosed that over 860 employees across various departments have already applied for the voluntary exit program.

The EPP offers financial incentives tailored to an employee’s rank and remaining service years.

Senior supervisors to deputy managers are eligible for payments equivalent to their gross annual salary for the remaining service period, capped at 60 months.

Managers are entitled to a maximum of 36 months’ gross pay, while lower-ranked staff receive up to 18 months.

An employee said that the package seems targeted at those who joined within the last nine years, during the tenure of former Governor Godwin Emefiele.

A staff member, who spoke to the Daily Trust, 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 nine years of Governor Emefiele.

“For instance, I’ve worked for four 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.”

Another staff member revealed that during a recent webinar, the Human Resources Department stressed the bank’s intention to meet its target number of retirements.

“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 member said.

Attempts to get comments from the CBN’s Director of Corporate Communications, Hakama Sidi Ali, were unsuccessful as she did not respond to calls or text messages.

KanyiDaily recalls that the Central Bank of Nigeria (CBN) recently mandated banks operating within the country to start charging a cybersecurity levy on transactions.