The Central Bank of Nigeria (CBN) has clarified that its Early Exit Package (EEP) is entirely voluntary, countering claims of forced mass retirements.
The Acting Director of Corporate Communications, Mrs. Hakama Ali, emphasized that the EEP, which was initially available only to executives, is now accessible to staff at all levels. This initiative aims to foster career development and professional growth among employees.
Mrs. Ali highlighted that the decision to implement the EEP followed consultations with the bank’s joint consultative council, a body representing staff interests.
She stated, "For some time, staff representatives through the council had called on management to approve the early exit package for all cadres. Following these discussions, management decided to meet this popular demand."
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Furthermore, the House of Representatives has called on the CBN to suspend its plan to retire 1,000 staff members, prompting lawmakers to establish an ad hoc committee to investigate the retirement process. The severance package for the retiring officials is reported to total over N50 billion.
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