CBN plans to retire 1,000 employees with N50 billion payoff by December 31
On Monday, December 2, 2024, reports revealed that the Central Bank of Nigeria (CBN) is preparing to retire approximately 1,000 of its employees by December 31, 2024. The decision, part of a workforce realignment, will reportedly cost the bank N50 billion.
According to a recent Daily Trust report, the move is part of CBN’s ongoing strategy under the leadership of Governor Olayemi Cardoso. The realignment follows the dismissal of several employees in the past 10 months, including 17 directors who served under the previous governor, Godwin Emefiele.
A circular released by the CBN three weeks ago outlined details of the Early Exit Package (EPP), which is available to all staff members except those who are still under probation or have served for less than one year as of the publication date. The deadline for applying to the package is Saturday, December 7, 2024.
According to the circular, eligible employees will receive financial incentives based on their remaining service, with the maximum payout being up to 18 months of their current grade’s gross annual salary.
Although the CBN has not yet made an official statement regarding the retirement of 1,000 staff members, this restructuring is expected to significantly impact the bank’s workforce.
