The Central Bank of Nigeria (CBN) has issued a statement to clarify that its Early Exit Package (EEP) is entirely voluntary, dismissing rumors of forced retirements. The clarification comes amid reports that the bank plans to retire about 1,000 of its employees before the end of the year, with over N50 billion in payouts allocated for the affected workers.
In a statement released on Wednesday, Mrs. Hakama Sidi Ali, the Acting Director of Corporate Communications at CBN, emphasized that the EEP, which was initially available only to the executive cadre, is now open to staff at all levels. She confirmed that participation is entirely voluntary and that employees who decline the offer would not face any repercussions.
“The decision to implement the Early Exit Package was made after extensive consultations with the Bank’s Joint Consultative Council (JCC),” Mrs. Sidi Ali explained. “For some time, staff representatives had advocated for the package to be extended to all cadres. After these discussions, management decided to meet this popular demand.”
The clarification comes in response to growing concerns about the voluntary nature of the exercise, particularly after it was revealed that the CBN had already seen a significant number of applications. According to sources at the apex bank, over 860 staff members have already applied for the Early Exit Package, which is set to close on December 7, 2024.
The CBN’s board, led by Governor Olayemi Cardoso, has expressed its commitment to a strategic realignment of the workforce, with a goal of reducing headcount. Over the past 10 months, the Bank has already disengaged several staff, including 17 directors.
The Early Exit Package is designed to incentivize eligible employees to retire early, offering financial and non-financial benefits. Financial incentives vary depending on the employee’s rank, with senior supervisors to deputy managers receiving up to 60 months of their gross annual emoluments, while managers are entitled to a maximum of 36 months. Other staff members can receive up to 18 months of their gross annual salary. Non-financial incentives include access to entrepreneurial training, the purchase of laptops, and extended medical care for up to three months after the exit.
Management has made it clear that all applications for the package are final once submitted, and staff cannot retract their applications after they have been completed. However, Mrs. Sidi Ali reiterated that the initiative is part of the Bank’s commitment to employees’ professional development, ensuring that those who opt to exit do so voluntarily and with the Bank’s full support.
