The Central Bank of Nigeria (CBN) is reportedly preparing to retire approximately 1,000 employees by December 31, 2024, as part of its workforce restructuring efforts.
According to a Daily Trust report, the retirement exercise is expected to cost the apex bank around ₦50 billion. This follows a series of disengagements over the past 10 months, including the exit of 17 directors who served under former CBN governor Godwin Emefiele.
A circular released by the bank three weeks ago outlined the details of the Early Exit Package (EPP), inviting employees from all staff levels to apply before the December 7 deadline.
The circular clarified that only confirmed staff who have served for at least one year are eligible for the package. Employees yet to be confirmed or with less than a year of service as of the publication date are excluded.
Those opting for the EPP will officially exit by December 31, 2024, and will receive financial incentives equivalent to the remaining period of their service, capped at 18 months’ gross annual emoluments based on their current grade.
The move is seen as part of ongoing reforms within the CBN, which has already witnessed significant leadership and workforce changes since the appointment of the current administration.
The restructuring signals a strategic shift in how the apex bank manages its operations and workforce, with the potential for broader implications across Nigeria’s financial sector.
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