The Central Bank of Nigeria (CBN) is preparing to retire around 1,000 employees before year-end, as part of a workforce realignment under Governor Olayemi Cardoso. The bank has allocated over ₦50 billion for severance packages through its Early Exit Package (EEP), open to all eligible staff until December 7, 2024.
The program offers financial benefits based on years of service, alongside non-monetary perks like entrepreneurial training, extended medical care, and laptop purchases.
So far, 860 staff members have applied, with payouts reaching up to ₦97 million for some employees. However, concerns have arisen about the bank’s workforce dynamics, as positions of 17 directors dismissed earlier remain unfilled.
CBN’s silence on the matter has left affected employees anxious, with some staff voicing concerns about perceived bias in the program. Affected directors have also approached the National Industrial Court, challenging the legality of their dismissal.
The bank’s HR manual describes retirements as an opportunity for celebration, but also acknowledges redundancy as an option for workforce reduction due to economic or structural changes.
This major shift highlights the CBN’s intent to reshape its workforce while addressing challenges within its operational structure.
