CBN to Retire 1,000 Employees, Allocates ₦50 Billion for Exit Package
The Central Bank of Nigeria (CBN) is reportedly planning to retire approximately 1,000 staff members by December 31, 2024, as part of a strategic workforce realignment. The initiative, which includes a ₦50 billion payout plan, was revealed in a report by Daily Trust.
Under the leadership of Governor Olayemi Cardoso, the apex bank has described the move as a step towards restructuring its operations. Over the past 10 months, the CBN has already disengaged several employees, including 17 directors who served during the tenure of former Governor Godwin Emefiele.
A circular released by the CBN three weeks ago announced the introduction of an Early Exit Package (EPP), inviting applications from all eligible staff. The application window closes on Saturday, December 7, with the official exit date set for December 31, 2024.
The circular outlined the financial incentives for departing staff, stating, “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.” However, staff members yet to be confirmed or with less than one year of service as of the circular’s release are exempt from the scheme.
While the reported retirement plan marks a significant organisational shift, the CBN has not yet issued an official statement on the matter.
