Central Bank Of Nigeria Announces Retirement Of 1,000 Staff, ₦50 Billion Severance Cost

Central Bank Of Nigeria Announces Retirement Of 1,000 Staff, ₦50 Billion Severance Cost

The Central Bank of Nigeria (CBN) plans to retire approximately 1,000 employees by the end of 2024 as part of a strategic workforce realignment under Governor Olayemi Cardoso. The restructuring is expected to cost over N50 billion in severance packages...READ MORE…

According to sources, the move, which is part of an early exit program (EEP), is aimed at streamlining the bank’s operations. A circular issued by the CBN revealed that applications for the voluntary exit package will remain open until December 7, with the final exit date set for December 31, 2024. Employees with less than one year of service or those with unconfirmed appointments are excluded from the program.

The EEP offers financial and non-financial incentives, including compensation based on years of service, capped at 60 months for senior supervisors and deputy managers, and 18 months for lower-level employees. Additionally, employees exiting the bank will receive perks such as financial planning support, entrepreneurial training, subsidized laptop purchases, and extended healthcare coverage.

As of now, 860 employees have shown interest in the exit package, though the process has created tension within the bank. This move follows the recent disengagement of 17 directors under former Governor Godwin Emefiele, leaving positions vacant and led by coordinators.

This restructuring is seen as part of the broader changes at the CBN to adapt to economic and organizational challenges, though some dismissed directors have challenged their terminations in court. The CBN has not officially commented on the matter.

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