The Central Bank of Nigeria (CBN) is set to undergo a significant transformation as it plans to retire approximately 1,000 employees by the end of 2024.
This move, part of a strategic workforce realignment under Governor Olayemi Cardoso, aims to streamline operations and adapt to evolving economic challenges.
The initiative, known as the Early Exit Package (EEP), is expected to cost over ₦50 billion in severance packages.
According to sources within the CBN, the affected employees include staff members who have served in various capacities across the bank.
A circular issued three weeks ago indicated that applications for the EEP would remain open until December 7, with an effective exit date of December 31.
Notably, employees with less than one year of service or unconfirmed appointments are exempt from this program.
"There is serious tension, serious apprehension. You can imagine the atmosphere. It is terrible," revealed an insider, highlighting the anxiety among staff as the deadline approaches.
As of Monday, December 2, 860 employees have already applied for the package.
The EEP is described as a voluntary initiative offering both financial and non-financial incentives. Financial benefits are based on the remaining years of service, capped at 60 months for senior supervisors to deputy managers, 36 months for managers, and 18 months for lower cadres.
Additional perks include financial planning support, entrepreneurial training, subsidized laptop purchases, and extended healthcare coverage for up to three months post-exit.
"The way they dated the offer, you’ll know that the target is actually from senior supervisors to deputy managers," commented a staff member, reflecting on the focus of the package.
"For instance, I’ve worked for 4 years in the bank; the package they’re giving me is between N92 million to N97 million."
This restructuring effort follows the recent removal of 17 directors during former Governor Godwin Emefiele's tenure, with these positions currently vacant.
The CBN has emphasized fairness and consultation with relevant stakeholders throughout this process, as outlined in its Human Resources Policies and Procedures Manual.
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