CBN Set to Retire 1,000 Employees by Year-End – See Why

CBN Set to Retire 1,000 Employees by Year-End

The management of Central Bank of Nigeria (CBN) is reportedly set to retire about 1,000 employees by December 31, 2024, as part of a strategic workforce realignment under Governor Olayemi Cardoso’s leadership.

According to a report by Daily Trust, the exercise is expected to cost the apex bank ₦50 billion.

This development follows the CBN’s recent downsizing efforts, including the disengagement of several employees over the last 10 months, notably 17 directors who served during the tenure of former Governor Godwin Emefiele.

In a circular issued three weeks ago, the CBN announced the opening of applications for an Early Exit Package (EPP) for all cadres of staff.

The application window closes on Saturday, December 7, 2024, with the effective exit date set for the end of the year.

The circular clarified that staff members exempted from the scheme include those who have not yet been confirmed or have served less than one year as of the publication date.

The CBN circular detailed the financial benefits of the package, stating, “Financial incentives for all other cadres of staff shall be for the remaining period in service, up to a maximum of 18 months of current grade gross annual emoluments.”

The bank described the initiative as a “strategic realignment” aimed at optimizing its workforce. While the reported number of affected staff stands at around 1,000, the CBN has yet to officially confirm or comment on the mass retirement plans.