CBN to retire 1,000, offers 50bn payoff plan

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By December 31, 2024, the Central Bank of Nigeria (CBN) may retire roughly 1,000 of its staff, according to certain indicators.

The apex bank will have to pay N50 billion for the exercise, according to a recent Daily Trust article.

Under Olayemi Cardoso’s leadership, the CBN characterised the action as a strategic restructuring of its workforce.

This occurs while the CBN has fired a large number of its employees over the past ten months, including 17 directors who worked for the previous governor, Godwin Emefiele.

The CBN announced in a circular three weeks ago that all staff cadres could apply for the Early Exit Package (EPP), which will close on Saturday, December 7.

The circular states that employees who have not yet been confirmed or who have worked for less than a year “as of the date of publication” are excluded, and that their departure will take effect on December 31, 2024.

“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 apex bank has not yet made an official statement regarding the 1,000 employees that are expected to retire by the end of the year.

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