The Central Bank of Nigeria (CBN) is set to retire approximately 1,000 employees by December 31, 2024, as part of a strategic workforce realignment under Governor Olayemi Cardoso. The move, which includes an Early Exit Package (EEP) program, is estimated to cost over ₦50 billion in severance payouts.
A circular issued by the CBN outlined the guidelines for the EEP, inviting eligible employees to apply until December 7, 2024. The voluntary program offers financial and non-financial benefits to incentivize employees’ early retirement.
Financial Compensation:Up to 60 months’ salary for senior supervisors to deputy managers,Up to 36 months for managers,Up to 18 months for lower cadres.
Additional Benefits:Financial planning assistance.Entrepreneurial training.Subsidized laptop purchases.Extended healthcare coverage for three months post-exit.
Employees with less than one year of service or unconfirmed appointments are not eligible for the package.
The program has reportedly caused tension among employees. According to sources, 860 staff members have already applied for the package, but concerns about fairness and apprehension over the restructuring are widespread.
“There is serious tension and apprehension within the bank,” a staff insider shared. “For example, I’ve worked for four years, and the package I’m receiving ranges from ₦92 million to ₦97 million, while others with longer service get less depending on their roles.”
This retirement exercise follows the recent disengagement of 17 directors under former Governor Godwin Emefiele, whose roles remain unfilled. Current department coordinators are stepping in as interim leaders, with a new circular outlining strict criteria for replacements. Deputy directors nearing retirement are excluded from consideration, and multiple applications may lead to disqualification.
Some former directors have challenged their termination in court, alleging wrongful dismissal. Meanwhile, the CBN has refrained from commenting on the issue, with Corporate Communications Director Hakama Sidi Ali declining requests for statements.
The CBN’s workforce changes adhere to its Human Resources Policies and Procedures Manual, which emphasizes fairness and stakeholder consultation during retirements or redundancies. Early retirement eligibility requires a minimum of 10 years of service, and redundancies are managed to address economic or structural challenges while maintaining equity.
