The Central Bank of Nigeria (CBN) is set to retire approximately 1,000 employees as part of a strategic workforce realignment. A severance package worth over N50 billion has been allocated for the exercise.
According to an insider, the retirement initiative aims to streamline operations and reduce staff numbers under the leadership of CBN Governor, Olayemi Cardoso.
A circular released by the CBN noted that applications for the Early Exit Package (EPP) are open to all cadres of staff until Saturday, December 7. However, those yet to be confirmed or with less than one year of service are exempt. The effective date of exit is set at December 31, 2024.
The EPP is a voluntary program offering eligible employees an incentive to exit the CBN early. At least 860 staff members have already applied for the EPP.
The financial incentives for senior supervisors to deputy managers will be up to 60 months of their current grade’s gross annual emoluments. For managers, the incentive will be up to 36 months, while other staff members will receive up to 18 months of their current grade’s gross annual emoluments.
