The Central Bank of Nigeria (CBN) will soon retire about 1,000 of its employees before the end of the year. Reliable sources at the apex bank’s headquarters revealed that the retirement would gulp over N50 billion in payoff to the affected workers.
In what it described as a strategic realignment of its workforce, the CBN’s Board of Governors, led by Olayemi Cardoso, had expressed commitment to reducing the workforce.
In the last 10 months, the CBN had disengaged many of its staffers, including 17 directors, who served under the immediate past governor, Godwin Emefiele.
Those 17 directors are yet to be replaced.
A circular released three weeks ago by the CBN, sighted yesterday by our reporter, said 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.”
An official who pleaded anonymity, saidt 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.