The Central Bank of Nigeria (CBN) is set to retire approximately 1,000 employees before the end of the year in a move described as a “strategic realignment” of its workforce. This development, which is expected to cost over N50 billion in payouts, comes as part of ongoing reforms under the leadership of CBN Governor Olayemi Cardoso.
Early Exit Package (EEP) Program Launched
A circular released three weeks ago, seen by Daily Trust, invited eligible staff to apply for an Early Exit Package (EEP). The program is open to all cadres, except employees with less than one year of service or those awaiting confirmation. The application window closes on Saturday, December 7, with the effective exit date set for December 31, 2024.
The EEP offers financial incentives based on the employee’s current grade and remaining years of service. For senior supervisors to deputy managers, the payout will cover up to 60 months of gross annual emoluments, while managers will receive a maximum of 36 months. Other cadres will receive up to 18 months of their current gross annual salary.
Additionally, the program includes non-financial benefits such as financial planning and entrepreneurial training, extended medical care for three months, and the purchase of laptops under the bank’s policy.
High Interest Among Staff
Officials at the CBN revealed that at least 860 staff members have already applied for the EEP, with the majority coming from mid-level positions.
One staff member noted, “The focus seems to be on senior supervisors to deputy managers, many of whom were hired during the tenure of former Governor Godwin Emefiele. For instance, I’ve worked for four years, and the package being offered is between N92 million and N97 million.”
However, the announcement has created significant apprehension among employees. A staff member described the atmosphere as “tense,” with many uncertain about their future at the bank.
Workforce Challenges
The CBN has been grappling with a staffing vacuum since the dismissal of 17 directors earlier this year. These positions remain unfilled, with coordinators currently heading 13 departments.
Efforts to recruit new directors have faced challenges. A recent circular indicated that only deputy directors with more than two years until retirement are eligible for consideration. The dismissed directors have also filed a lawsuit seeking to block replacements, alleging unlawful termination of their employment.
Silence from CBN
When contacted for comments, CBN Director of Corporate Communications Hakama Sidi Ali did not respond to calls or messages.
Policy Framework for Workforce Changes
According to the CBN’s Human Resources Policies and Procedures Manual (HRPPM), the bank aims to handle separations amicably, with early retirement available for employees with at least 10 years of service at management’s discretion.
The manual outlines redundancy as “an involuntary and permanent loss of employment due to economic, technological, or structural reasons.” It emphasizes fair processes and consultations with the Joint Consultative Council in cases of redundancy.
Implications
This mass retirement marks a significant step in the CBN’s restructuring efforts, reflecting broader economic and operational adjustments. However, it also raises questions about employee morale, continuity, and the bank’s ability to manage its critical functions during this period of transition.
