The Central Bank of Nigeria (CBN) have hinted that it is set to retire about 1,000 of its employees before the end of the year, Saying the retirement severance would cost the apex bank over N50 billion as payoff to the affected workers. The apex bank described the decision as a strategic realignment of its workforce, as the CBN’s Board of Governors, led by Olayemi Cardoso, had expressed commitment to reducing the workforce.
It was learned that in the last 10 months, the CBN had severed many of its staffers, including 17 directors, who served under the embattled past governor, Godwin Emefiele.
Source within the bank hinted that the disengaged 17 directors are yet to be replaced by the bank as the bank is targeting to retire 1000 staff.
In a circular released three weeks ago by the CBN, the apex bank described the reform as the application for Early Exit Package (EPP) and is open to all cadres of staff and is scheduled to be close by Saturday, December 7.
Exception are only for those yet to be confirmed or who have served less than one year “as of the date of publication with the effective date of exit set at 31 December, 2024.”
Accordingly, it was learned that at least 860 staff from the various departments have indicated interest and have forwarded their application for the EPP.
The management of the CBN has described the EEP as a voluntary programme designed to offer eligible employees an incentive to exit the CBN early, “while providing employees seeking other career options a great opportunity for early exit.”
However, it warned that the employees who have applied for the EEP could not change their minds after applying, advising that all completed and submitted applications are final.
The circular indicated that the financial incentives for senior supervisors to deputy managers shall be for the remaining period in service, up to a maximum of 60 months of current grade’s gross annual emoluments.
It added that financial incentives for managers shall be for the remaining period in service, up to a maximum of 36 months of current grade’s gross annual emoluments.
“Financial incentives for all other cadres of staff shall be for the remaining period in service, up to a maximum of 18 months of current grade gross annual emoluments,” it added.
The policy also provides for non-financial incentives, including “financial planning and entrepreneurial capacity building programme, purchase of laptops in line with the Bank’s current policy and extended medical care for an additional three months for self and dependents after the expiration of the three-month current provision of access to medical windows care by exited employees.”
‘They’re offering me N97m for 4-yr service’
A staff member told Dailytrust that: “The way they dated the offer, you’ll know that the target is actually from senior supervisors to deputy managers. If you look at it, they’re mostly those that came in within the 9 years of Governor Emefiele.
“For instance, I’ve worked for 4 years in the bank; the package they’re giving me is between N92 million to N97 million.
“Some others have worked up to a manager level and are only entitled to N64.5 million. So, the more time you have to go, the more money they pay you because you know, for them, you don’t have gratuity”, the staff said.
He revealed that “There is serious tension, serious apprehension. You can imagine the atmosphere. It is terrible.
Meanwhile, Section 16.0 of the CBN’s Human Resources Policies and Procedures Manual (HRPPM) titled ‘Cessation of Employment’, specifies that in every case of separation from the employment of the bank, it is the objective of CBN to make separations as amicable as possible for both the employee and the bank.
Section 16.3.5 notes that an employee’s Normal Retirement Date in CBN should coincide with the date the employee is 60 years old or has put in 35 years of service.
“Early retirement can be considered when the employee has served for at least 10 years, and is only granted at the discretion of management,” it said.