CBN Plans December Retirement for 1,000 Employees with ₦50 Billion Payoff

The Central Bank of Nigeria (CBN) under the leadership of Governor Olayemi Cardoso, has rolled out plans to retire approximately 1,000 employees by the end of the year with a payoff estimated to cost over ₦50 billion.

According to a viral report sighted by this platform, the mass retirement, which was announced in a circular issued three weeks ago, mandates affected employees to apply for the Early Exit Package (EEP).

The statement warned employees with less than one year of service or unconfirmed appointments to refrain from applying for the program, noting that the application would remain open until December 7, with an effective exit date of December 31, 2024.

Inside sources explained that the retirement exercise, which aligns with Governor Cardoso’s strategic plan to restructure the workforce of the Central Bank, will gulp over ₦50 billion depending on the financial benefits of the retirees.

Sources within the CBN disclosed that the affected employees include staff members who have served in various capacities across the bank.

It was revealed that the EEP is a voluntary initiative and offers financial and non-financial incentives to encourage eligible employees to exit the bank allowing for effective restructuring of the financial institution’s workforce.

Financial benefits include compensation based on the remaining years of service, capped at 60 months for senior supervisors to deputy managers, 36 months for managers, and 18 months for lower cadres.

Financial planning support, entrepreneurial training, subsidized laptop purchases, and extended healthcare coverage for up to three months post-exit were listed among the additional incentives by the CBN.

A CBN staff, who spoke on conditions of anonymity disclosed that the program is targeted at employees who were employed under Governor Emefiele’s regime, particularly senior staff.

“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.

The staff added, “For instance, I’ve worked for 4 years in the bank; the package they’re giving me is between  ₦92 million to  ₦97 million.

Explaining the payment model, the staff stated: “Some others have worked up to a manager level and are only entitled to  ₦64.5 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.”

According to reports, qualified staff members totaling over 860 have expressed interest in the retirement program.

Speaking on the rush, the source stated, “There is serious tension, serious apprehension. You can imagine the atmosphere. It is terrible.

“As of Friday, there were 860 people so far that have indicated interest in the EEP.”