Tayo Busayo, Abuja
DAILY COURIER – The Central Bank of Nigeria has refuted allegations of a mass forced retirement exercise, stating that its Early Exit Package is a voluntary initiative designed to offer eligible staff an attractive severance option without negative repercussions.
Reports had suggested that the apex bank plans to retire over 1,000 employees as part of a strategic workforce realignment, with an estimated cost of over ₦50 billion in severance packages.
According to Daily Trust, the bank is targeting up to 3,000 staff reductions as part of its restructuring efforts.
In a circular issued earlier, the CBN announced the EEP program, which is open to all confirmed staff with a minimum of one year of service.
The application window closes on Saturday, December 7, 2024, with the effective exit date set for December 31, 2024.
The package offers financial incentives based on service grade, with senior supervisors to deputy managers eligible for up to 60 months of gross annual pay, while managers can receive up to 36 months’ pay.
On Tuesday, the House of Representatives passed a motion to investigate the motives behind the mass retirement and directed the CBN to halt the exercise immediately.
Responding to the concerns, Acting Director of Corporate Communications, Mrs. Hakama Ali, clarified on Wednesday in Abuja that the EEP is the outcome of extensive consultations with the Bank’s Joint Consultative Council, which represents staff interests.
“For some time, staff representatives through the JCC had called on management to approve the early exit package for all cadres. Following these discussions, management decided to meet this popular demand,” Ali said.
She explained that the EEP, initially reserved for executive cadre staff, has now been extended to all eligible employees, ensuring inclusivity in the bank’s restructuring efforts.
Addressing fears of repercussions for staff who decline the package, Ali dismissed such claims as baseless, reaffirming the bank’s commitment to supporting employees’ professional growth and well-being.
“The initiative is an internal corporate matter designed to promote career development and provide staff with a platform for new opportunities,” she emphasised.
The CBN maintained that the EEP aligns with its efforts to reposition the workforce for optimal performance, assuring that it remains committed to transparency and fairness throughout the process.
