The Central Bank of Nigeria (CBN) is set to retire approximately 1,000 employees by the end of the year, as part of a strategic workforce restructuring under Governor Olayemi Cardoso’s leadership.
According to Daily Trust, the process is expected to cost over ₦50 billion in severance packages. Sources within the CBN revealed that the affected employees have served in various roles across the institution.
A circular issued three weeks ago indicated that the deadline for applications for the Early Exit Package (EEP) is December 7, with exits set to take effect by December 31, 2024. The program excludes employees with less than a year of service or those with unconfirmed appointments.
The EEP, a voluntary program, offers both financial and non-financial incentives to encourage eligible employees to leave the bank. Financial benefits are based on the remaining years of service, with senior supervisors to deputy managers eligible for up to 60 months’ compensation, managers for 36 months, and lower cadres for 18 months. Additional benefits include financial planning support, entrepreneurial training, subsidized laptop purchases, and healthcare coverage for up to three months post-exit.
One employee shared, “The way the offer is structured, it’s clear that the target group is senior supervisors to deputy managers. For instance, after four years, my package is between ₦92 million and ₦97 million. Some others at the manager level are receiving ₦64.5 million. The more years you’ve served, the higher the payout, as there’s no gratuity for them.”
Reports indicate that 860 employees have already applied for the package, but the process has sparked tension within the bank. “There is serious tension, serious apprehension. The atmosphere is terrible,” said an insider.
This restructuring follows the recent disengagement of 17 directors under former Governor Godwin Emefiele. These positions remain vacant, with each department now managed by coordinators.
