CBN to retire 1,000 employees, allocates N50bn for severance packages

The Central Bank of Nigeria is set to retire around 1,000 of its employees by the end of the year, according to sources within the bank.

The retirement process is expected to cost the CBN over N50 billion in severance pay to the affected workers, according to Daily Trust.

The CBN, under the leadership of Olayemi Cardoso, has embarked on what was described as a strategic realignment of its workforce, which includes the planned retirement of about 1,000 employees by the end of the year.

Over the past 10 months, the apex bank has significantly reduced its workforce as part of its ongoing restructuring efforts.

This includes the disengagement of many staff members, notably 17 directors who had served under the previous governor, Godwin Emefiele.

Those 17 directors are yet to be replaced.

A circular released by the CBN three weeks ago, stated that the application for the Early Exit Package is open to all staff levels. The deadline for applications is set for 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 at the CBN have confirmed that the bank aims to retire over 1,000 employees as part of its workforce restructuring.

According to sources, at least 860 staff members from various departments have already applied for the Early Exit Package (EPP), which is open to all levels of staff.

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, stating that all completed and submitted applications are final.