CBN To Retire 1,000 Staff, Offers ₦‎50 Billion Payoff

The Central Bank of Nigeria (CBN) will soon retire about 1,000 of its employees before the end of the year, investigations by Daily Trust reveals.

According to Reliable sources at the apex bank’s headquarters the retirement would gulp over N50 billion in payoff to the affected workers.

In what it described as a strategicaA realignment of its workforce, the CBN’s Board of Governors, led by Olayemi Cardoso, had expressed commitment to reducing the workforce.

In the last 10 months, the CBN had disengaged many of its staffers, including 17 directors, who served under the immediate past governor, Godwin Emefiele.

A circular released three weeks ago by the CBN, sighted yesterday by our reporter, said the application for Early Exit Package (EPP) was open to all cadres of staff and will close by Saturday, December 7.

Exempted are 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.”

Officials told Daily Trust that the apex bank was targeting retirement of over 1,000 staff members.

The officials, who pleaded anonymity, told our correspondent that at least 860 staff from the various departments have 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 could not change their minds after applying, saying that all completed and submitted applications are final.

The EEP stated that financial incentives for senior supervisors to deputy managers shall be for the remaining period in service, up to a maximum of 60 months of 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 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.

The EEP also provides for non-financial incentives, including “financial planning and entrepreneurial capacity building programme, purchase of laptops in line with the Bank’s current policy and extended medical care for an additional three months for self and dependents after the expiration of the three-month current provision of access to medical windows care by exited employees.”

‘They’re offering me N97m for 4-yr service’

A staff member, who spoke to our reporter, 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 9 years of Governor Emefiele.

“For instance, I’ve worked for 4 years in the bank; the package they’re giving me is between N92 million to N97 million.

“Some others have worked up to a manager level and are only entitled to N64.5 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”, the staff said.

Another staff told Daily Trust yesterday that during a webinar held on Friday, the Human Resource Department of the bank expressed the apex bank’s decision to get the number it was targeting for the EEP.

“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,” the staff said.

17 sacked directors yet to be replaced

The 17 directors sacked 10 months ago and those who retired then are yet to be replaced.

Information on the CBN’s website yesterday showed that each of the 13 departments is headed by a coordinator.

A circular for replacement specified that deputy directors who have two years or less to retire are not eligible for consideration, and that each applicant must apply for only one of the positions listed as multiple applications may lead to disqualification.

Daily Trust’s investigations revealed that following the outcry that greeted the perceived bias against serving deputy directors, some of them were allegedly invited to apply for the vacant positions.

A senior staff stated that: “As it is, most of those who should qualify were affected alongside the sacked directors.”

Some of the sacked directors had, four weeks ago, approached an Abuja division of the National Industrial Court of Nigeria for an interlocutory injunction to restrain the CBN from replacing them, saying their employments were “unlawfully terminated without a valid reason.”

Daily Trust contacted the CBN for comments on the decision to send about 1,000 staff on early retirement, the CBN’s Director of Corporate Communication, Hakama Sidi Ali, neither answered calls nor replied to a text message sent to her.

#DailyTrust