CBN Clarifies Controversy Surrounding Staff Retirement Claims

CBN Clarifies Controversy Surrounding Staff Retirement ClaimsThe Central Bank of Nigeria (CBN) has clarified that its Early Exit Package (EEP) is a voluntary program, with no negative consequences for eligible staff members who choose not to participate.....KINDLY READ THE FULL STORY HERE▶

Recent reports suggested that the CBN is set to retire around 1,000 employees by year’s end as part of a workforce restructuring initiative under Governor Olayemi Cardoso. This realignment is expected to cost over N50 billion in severance packages.

Sources within the CBN confirmed that the affected employees include individuals from various departments within the bank. However, in response to concerns raised about “forced mass retirements,” Hakama Sidi Ali, the Acting Director of Corporate Communications, stated that the EEP is entirely voluntary.

In a statement made in Abuja on Wednesday, Ali explained that the decision to implement the early exit program followed extensive consultations with the Bank’s Joint Consultative Council (JCC), which represents staff interests. She noted that the policy, which had previously applied only to executive-level staff, has now been extended to eligible employees at all levels.

Ali emphasized that the initiative is part of an ongoing internal strategy to support career development within the bank. “Staff representatives through the JCC had long advocated for the inclusion of all staff cadres in the early exit program. In response to these discussions, management agreed to make this option available,” she said.

Addressing concerns from employees who might be hesitant to accept the offer, Ali reassured staff that there would be no adverse impact on those who choose not to participate. She reiterated the management’s commitment to promoting employee welfare and professional growth, dismissing fears that the program would harm those who opt out.

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