The Central Bank of Nigeria reportedly plans to retire around 1,000 employees as part of a workforce restructuring. The bank has allocated over ₦50 billion for severance packages for those affected.
A circular was announced three weeks ago that the Early Exit Package (EPP) applications were open to all staff. The application window will close on Saturday, December 7.
Staff members with less than one year of service are exempt from the EPP.
The effective exit date for those who apply is December 31, 2024.
Officials confirmed that the bank is targeting the retirement of over 1,000 employees. So far, at least 860 staff have expressed interest in the EPP.
Management described the EEP as a voluntary program. “It offers eligible employees an incentive to exit the CBN early,” one insider reportedly said.
Once applications are submitted, they cannot be retrieved.
According to the EPP, financial incentives vary by position. Senior supervisors may receive up to 5 years of gross annual pay. Managers are eligible for up to 36 months, while other staff can get up to 18 months.
A staff member reportedly calculated, “After working four years, my package is between ₦92 million and ₦97 million.”
Another employee suggested that the bank is focused on those who served under the previous Gov., Godwin Emefiele, for less than nine years. “There is serious tension and apprehension. The atmosphere is terrible, especially with the EPP application process.”
At this point, the information appears to be conjectures in the public space, as the bank has not made any official policy on the issue public.
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