Tension As CBN Implements Mass Retirement Plan

The Central Bank of Nigeria (CBN) is planning to retire about 1,000 employees before the year ends.

This decision is part of a strategic workforce realignment led by the CBN’s Board of Governors, chaired by Olayemi Cardoso. Reliable sources from the bank’s headquarters disclosed that the retirement process could cost over ₦50 billion in payouts.

In the past ten months, the CBN has already let go of many staff members, including 17 directors who served under former Governor Godwin Emefiele. However, these directors have yet to be replaced. A recent circular from the CBN announced an Early Exit Package (EEP) for employees. This program is open to all confirmed staff who have worked for at least one year. Applications will close by Saturday, December 7, 2024, with exits taking effect on December 31, 2024.

An anonymous official revealed that over 860 employees across various departments have applied for the EEP so far. The program aims to provide financial and non-financial incentives for eligible employees seeking to leave the bank.

According to the circular, the financial benefits vary by rank: senior supervisors to deputy managers may receive compensation for up to 60 months of their current gross annual pay, while managers can get up to 36 months. Lower-ranked staff are entitled to a maximum of 18 months’ gross annual pay.

Additionally, the EEP includes non-financial benefits such as financial planning training, entrepreneurial skill development, the option to purchase laptops, and extended medical care for three months after exiting. The CBN emphasized that once an employee submits their application for the EEP, it is final and cannot be reversed.

A current staff member expressed concerns about the program, highlighting disparities in the compensation packages. “For example, I’ve worked for four years, and they’re offering me between ₦92 million and ₦97 million,” the employee said. “Others at the manager level with more years of service are only getting ₦64.5 million. The payout depends on how much time you have left in service because there’s no gratuity.”

Another employee described the growing tension within the organization. “During a recent webinar, the Human Resources Department explained the bank’s plans to achieve its target for the EEP. The atmosphere here is very tense,” the staff member said, noting the high number of applications already submitted.

This large-scale restructuring reflects significant changes at the CBN as it adjusts its operations and workforce for the future.

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