The Central Bank of Nigeria (CBN) is set to retire approximately 1,000 of its employees by the end of this year, according to sources at the apex bank. The staff retirement, which will cost over ₦50 billion in severance payments, is part of a strategic workforce realignment led by the CBN’s Board of Governors under Olayemi Cardoso.
In the past 10 months, the bank has already let go of numerous employees, including 17 directors who served under the previous governor, Godwin Emefiele. A circular issued three weeks ago opened the Early Exit Package (EEP) program to all staff levels, with a closing deadline of December 7. The program, which includes voluntary financial incentives, aims to reduce the workforce further.
By the latest count, over 860 staff members have expressed interest in the EEP, with payouts varying according to their rank and years of service. Senior staff could receive up to 60 months of gross annual emoluments, while lower-ranked employees could receive up to 18 months’ worth of their salary. Additionally, non-financial benefits, such as career development programs and extended medical coverage, are part of the package.
The retirement process has caused significant tension within the bank, especially among those applying for the package. Staff members have raised concerns about the fairness of the process, as some deputy directors were excluded from applying for vacant positions following the retirement of the 17 directors.
Despite the controversy, CBN has not provided comments on the situation. The bank’s Human Resources Manual outlines the policies for retirement and redundancy, including provisions for voluntary early retirement after 10 years of service, though redundancy—defined as forced layoffs due to excess staffing—requires adherence to strict guidelines.
