2nd December 2024
By Idris Buba
As part of it strategic workforce realignment, the Central Bank of Nigeria is set to retire about 1,000 employees.
An inside source, said the retirement initiative is driven by the need to streamline operations and reduce staff numbers under the leadership of the apex bank’s Governor, Olayemi Cardoso
The bank has earmarked a severance package of about N50 billion for the payoff for the exercise.
The apex bank had in a circular released three weeks ago noted that the application for Early Exit Package, EEP, was open to all cadres of staff and will close by Saturday, December 7.
Meanwhile, those yet to be confirmed or who have served less than one year are exempted from the exercise, an inside, source said the retirement initiative is driven by the need to streamline operations and reduce staff numbers under the leadership of the apex bank’s Governor, Olayemi Cardoso as of the date of publication with the effective date of exit set at 31 December 2024.”
The apex bank was targeting the retirement of over 1,000 staff members.
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The officials, who spoke on condition of anonymity, were quoted as saying that at least 860 staff from the various departments have already applied for the EEP.
It cautioned that the staffers could not change their minds after applying, saying that all completed and submitted applications are final.
The EEP financial incentives for senior supervisors to deputy managers shall 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.
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“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.
According to a staff member, “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.
“For instance, I’ve worked for four 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”.
