CBN Targets 1,000 Staff Retirements With N50 Billion Severance Package

The Central Bank of Nigeria (CBN) plans to retire around 1,000 employees as part of a workforce restructuring strategy under Governor Olayemi Cardoso. 

The initiative, termed the Early Exit Package (EEP), offers over N50 billion in severance payouts and is open to all staff except those with less than one year of service.

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With a December 7 application deadline and an exit date of December 31, 2024, the program has seen 860 employees express interest so far. 

Financial incentives vary by rank, with senior supervisors to deputy managers eligible for up to 60 months of gross annual emoluments. 

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Lower cadres receive incentives capped at 18 months of gross annual pay.

The move has sparked tension among employees, with staff describing a “serious atmosphere” as the bank targets specific groups for early retirement. Attempts to reach the CBN’s Director of Corporate Communication for comments have been unsuccessful.