CBN Targets Retirement of Over 1,000 Employees in Workforce Restructuring, Allocates ₦50 Billion Severance Package

The Central Bank of Nigeria (CBN) is reportedly set to retire around 1,000 employees as part of a strategic workforce restructuring initiative. A severance package exceeding ₦50 billion has been earmarked for the exercise.

Insiders indicate that the move aims to streamline operations and reduce staff under the leadership of CBN Governor Olayemi Cardoso.

According to Daily Trust, a circular issued three weeks ago announced the opening of applications for the Early Exit Package (EPP) to all staff levels. The application window is set to close on Saturday, December 7, with the exit date effective from December 31, 2024.

However, employees with less than one year of service or who have not yet been confirmed are exempt from the program.

Anonymous sources revealed that over 860 employees across various departments have already applied for the EPP, with the bank targeting over 1,000 voluntary exits.

The EPP has been described as a voluntary program offering eligible staff an opportunity to transition out of the CBN with incentives while pursuing alternative career options. However, the management emphasized that once an application is submitted, it is final, and employees cannot retract their decision.