The Central Bank of Nigeria (CBN) is reportedly preparing to retire approximately 1,000 employees as part of a strategic workforce realignment under Governor Olayemi Cardoso.
A severance package exceeding ₦50 billion has been earmarked for the exercise, according to insider sources.
A circular issued by the apex bank three weeks ago announced the Early Exit Package (EEP), a voluntary programme open to all confirmed staff members with at least one year of service.
The application process, which closes on Saturday, December 7, sets the effective retirement date as December 31, 2024.
Officials, speaking anonymously, revealed that over 860 employees from various departments have already applied for the EEP. The programme offers financial incentives based on an employee’s cadre and remaining years of service, with senior supervisors to deputy managers eligible for up to 60 months of gross annual emoluments.
Managers are entitled to a maximum of 36 months, while other staff will receive up to 18 months of their grade’s gross annual pay.
Despite the financial incentives, staff members expressed anxiety over the process. “There’s serious apprehension within the bank,” one employee disclosed.
“As of Friday, about 860 applications had been submitted.”
