NewStats: 3,262,859 , 8,178,388 topics. Date: Tuesday, 03 June 2025 at 08:30 PM o3gf

Barring any last-minute changes, the Central Bank of Nigeria (CBN) will soon retire about 1,000 of its employees before the end of the year, investigations by Daily Trust have shown.

Reliable sources at the apex bank’s headquarters revealed that the retirement would gulp over N50 billion in payoff to the affected workers.


In what it described as a strategic realignment of its workforce, the CBN’s Board of Governors, led by Olayemi Cardoso, had expressed commitment to reducing the workforce.


In the last 10 months, the CBN had disengaged many of its staffers, including 17 directors, who served under the immediate past governor, Godwin Emefiele.


A circular released three weeks ago by the CBN, sighted yesterday by our reporter, said the application for Early Exit Package (EPP) was open to all cadres of staff and will close by 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 told Daily Trust that the apex bank was targeting retirement of over 1,000 staff .

The officials, who pleaded anonymity, told our correspondent that at least 860 staff from the various departments have already applied for the EPP.


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, saying that all completed and submitted applications are final.


The EEP stated that financial incentives for senior supervisors to deputy managers shall be for the remaining period in service, up to a maximum of 60 months of 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 current grade’s gross annual emoluments.

“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 EEP also provides for non-financial incentives, including “financial planning and entrepreneurial capacity building programme, purchase of laptops in line with the Bank’s current policy and extended medical care for an additional three months for self and dependents after the expiration of the three-month current provision of access to medical windows care by exited employees.”


‘They’re offering me N97m for 4-yr service’

A staff member, who spoke to our reporter, said: “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 9 years of Governor Emefiele.

“For instance, I’ve worked for 4 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”, the staff said.

Another staff told Daily Trust yesterday that during a webinar held on Friday, the Human Resource Department of the bank expressed the apex bank’s decision to get the number it was targeting for the EEP.

“There is serious tension, serious apprehension. You can imagine the atmosphere. It is terrible.

“As of Friday, there were 860 people so far that have indicated interest in the EEP,” the staff said.



17 sacked directors yet to be replaced

The 17 directors sacked 10 months ago and those who retired then are yet to be replaced.


Information on the CBN’s website yesterday showed that each of the 13 departments is headed by a coordinator.

A circular for replacement specified that deputy directors who have two years or less to retire are not eligible for consideration, and that each applicant must apply for only one of the positions listed as multiple applications may lead to disqualification.

Daily Trust’s investigations revealed that following the outcry that greeted the perceived bias against serving deputy directors, some of them were allegedly invited to apply for the vacant positions.

A senior staff stated that: “As it is, most of those who should qualify were affected alongside the sacked directors.”


Some of the sacked directors had, four weeks ago, approached an Abuja division of the National Industrial Court of Nigeria for an interlocutory injunction to restrain the CBN from replacing them, saying their employments were “unlawfully terminated without a valid reason.”



CBN keeps silent

When ed by Daily Trust for comments on the decision to send about 1,000 staff on early retirement, the CBN’s Director of Corporate Communication, Hakama Sidi Ali, neither answered calls nor replied to a text message sent to her.


What CBN’s policies and procedures manual says

Section 16.0 of the CBN’s Human Resources Policies and Procedures Manual (HRPPM) titled ‘Cessation of Employment’, specifies that in every case of separation from the employment of the bank, it is the objective of CBN to make separations as amicable as possible for both the employee and the bank.

Section 16.3.5 notes that an employee’s Normal Retirement Date in CBN should coincide with the date the employee is 60 years old or has put in 35 years of service.


“Early retirement can be considered when the employee has served for at least 10 years, and is only granted at the discretion of management,” it said.

According to the manual, the CBN feels that the retirement of an employee should be an occasion for celebration and for recognition of the individual’s contributions to the bank.

However, Section 16.4, which specifies the condition for redundancy, stipulates that redundancy means involuntary and permanent loss of employment as a result of excess human resource.

It said the redundancy processes are designed to provide a framework to manage change, where that change involves termination of employment.


“Adversely affected employees are given the opportunity for early separation from the bank.

“Consultation with the t Consultative Council is essential, and a fair process is mandatory. Employees who are adversely affected may appeal decisions made by the head, human resources,” it said.

The manual said the grounds for redundancy require that employment may be terminated for economic, technological, structural or similar reasons.

https://dailytrust.com/cbn-to-retire-1000-offers-n50bn-payoff/

Retire them then later turn around to re-hire some of them as consultants

When ed by Daily Trust for comments on the decision to send about 1,000 staff on early retirement, the CBN’s Director of Corporate Communication, Hakama Sidi Ali, neither answered calls nor replied to a text message sent to her.

What are they hiding? Nigerians need to be very very awake to this government. Tinubu is turning this country into a national version of his Lagos while most Nigerians are sleeping.

That's an average parting gift of #50 million per staff..
Mehn, from 'sleeze' to "steeze"!

Atleast try and edit your post when you copy and paste.

hmmm. retire and japa

.

Thats a crazy package and the type associated with multinational oil companies. This doesnt sound right at all. Sounds like a bribery n payoff rolled in one. Is it cash printing they are trying to conceal or what exactly?

CBN is gone too..

Sacked to replace with Yorubas , kia

Replacement loading.

Who will just employ me as a staff member of CBN or any other good job. I have dependants due to my position in the family. Firstborn, no Papa. God!

Poor man pikin will never be considered to fill the vacancies, na Tinubu go pack Yoruba People full there

The obsolete old cargo should have been out of the system since

helinues:
The obsolete old cargo should have been out of the system since

Will you like to replace them?

Malroux:
Will you like to replace them?

Good question. Helinius tormentor.

Not only retiring them, they should get all the mismanage funds

Jesu kristi

Whatever the TPain government touches, they destroy with politics of tribe. Watch how they quietly replace the same people they wasted billions removing. Just wasting billions of taxpayers money

Teams of people from diverse cultures are usually the best teams. OBJ, Yar’adua, and GEJ used the same systems you’re fake reforming and the economy prospered

that's 50 milla each

About 30,000 Dolly each...Good retirement

50b ➗ 1k = 50m

Good!

The payload fit too much!

JESU!!!

Less people so they can control it for 2027

If you papa work for CBN

Your gateman phone no fit iPhone 16 pro max

They want to recruit young and vibrant brains but my issue with this move is the lobbying and using it as a political tool.

Something is in the offing 🤔

Normally they will want to stay back.

Doing what they knows best

I curse the day I was born a Nigerian tueh

😂😂

Restructuring entering gear two. Sai Baba Tinubu.....the jagaban of Ndigbo

What did they do that their running with N50billion?
There's no money in the ATM again O.
They've carried all the money and run.

Hey you I mean you, don’t bother sending your CV, they’ve already filled the spot with their people

Looking at the comments here, it's easy to see how un-enlightened most Nigerian youths are.

This is actually a fantastic idea. The organisation is most likely over staffed and has a lot of redundancy. For them to identify such a large number of staff to remove, they are looking to streamline efficiency and reduce expenditure.

You may see N50 billion as a lot of money but trust me it costs a lot more to keep non functional staff on payroll bearing in mind that these same staff will still be paid the same N50 billion (or even more) when they eventually retire