Workforce realignment: CBN to retire 1,000 employees with N50bn severance package
The Central Bank of Nigeria (CBN) is planning to retire about 1,000 of its workers as a part of its strategic workforce realignment agenda.
D’GalleryTV gathered that the move became imperative to streamline operations and reduce the workforce number under the leadership of Governor Olayemi Cardoso.
A severance package worth over N50 billion had reportedly been allocated as the severance package.
However, 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 have been exempted.
Daily Trust had reported on Monday that a circular released three weeks ago by the apex bank indicated that the application for Early Exit Package (EPP) was open to all cadres of staff and would close by Saturday, December 7.
Officials who spoke on the condition of anonymity told Daily Trust that at least 860 staff from the various departments had already applied for the EPP.
The management described the EEP as a voluntary programme offering eligible employees an incentive to exit the CBN early, “while providing employees seeking other career options a great opportunity for early exit.”
It cautioned that the staffers would no longer have an opportunity to change their minds after applying as all completed and submitted applications would be final.
The EEP stated that financial incentives for senior supervisors to deputy managers would be for the remaining period in service, up to a maximum of 60 months of the current grade’s gross annual emoluments.
It also noted that financial incentives for managers shall be for the remaining period in service, up to a maximum of 36 months of the 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.
A staff member, who spoke to the Daily Trust, said, “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 nine years of Governor Emefiele.
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