The Central Bank of Nigeria (CBN) is set to retire approximately 1,000 employees by the end of this year as part of a strategic workforce realignment aimed at enhancing operational efficiency. Sources within the apex bank confirmed that the retirement initiative will cost the CBN over N50 billion, with affected employees receiving substantial payouts.
Led by the CBN Board of Governors under the leadership of Olayemi Cardoso, this move aims to streamline the bank’s operations and improve performance. The restructuring comes after several staff members, including 17 directors from former Governor Godwin Emefiele’s administration, were already disengaged in recent months.
As part of this strategic shift, the CBN introduced an Early Exit Package (EPP) to incentivize voluntary retirements. A circular issued by the bank three weeks ago announced that applications for the EPP would close on December 7. The EPP is a one-time voluntary program offering eligible employees a financial incentive to exit the CBN early, along with additional benefits such as financial planning and entrepreneurial capacity-building programs.
By the application deadline, at least 860 staff members had already applied for the package. Officials revealed that the retirement payout ranges between N92 million and N97 million for employees with around four years of service, though reactions to the offer have been mixed. Some employees expressed satisfaction with the generous financial packages, while others felt the compensation was inadequate given their years of service.
The CBN has emphasized that the Early Exit Package is a one-time offer, and staff members who apply will not be able to reverse their decision. A deadline of December 31, 2024, has been set for the exit of all affected employees.
This restructuring marks a significant step in the CBN’s efforts to optimize its workforce and improve its operational structure as it adapts to evolving economic challenges.
