CBN Confirms Early Exit Package For Staff, talks Policy Long Existent

The Central Bank of Nigeria (CBN) has denied that it was forcing its staff to resign from the apex bank.

This position was stated by the Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, who dismissed claims of forced mass retirements, clarifying that its Early Exit Package (EEP) was entirely voluntary and without any negative repercussions for eligible staff.

It was noted that the move by the CBN was an outcome of extensive consultations with the Bank’s Joint Consultative Council (JCC), a body representing staff interests.

Sidi Ali argued that the policy had been long existing but only was available to the executive cadre.

However, the CBN noted that it had now been made available to eligible staff at all levels.

“For some time, staff representatives through the JCC had called on management to approve the early exit package for all cadres. Following these discussions, management decided to meet this popular demand,” she said.

She further stated that there is no repercussion for staffs who decline the package.

It was earlier reported that the House of Representatives directed the Central Bank of Nigeria (CBN) to stop the implementation of the retirement of 1000 staff and the associated payoff scheme until the conclusion of an investigation.

It was learnt that the lawmakers resolved to probe the mass retirement of over 1000 CBN staff to comprehend the legal basis for the mass retirement.

The legislature would equally scrutinise the N50billion payoff scheme to ensure transparency, accountability, and proper use of funds.

The House of Reps also formed an ad hoc committe to engage with CBN leadership to evaluate the potential economic and institutional impacts of the retirement on Nigeria’s financial sector.

Adopting a motion of urgent public importance sponsored by Kama Nkemkama (LP, Ebonyi), the House asked the Federal Ministry of Labour and Employment to ensure that the rights of the affected staff are protected in accordance with Nigerian labour laws.

Leading the debate on the motion, Nkemkama drew attention to media reports indicating that the Central Bank of Nigeria (CBN) plans to retire over 1000 staff across various levels as part of its restructuring process under the Acting Governor’s leadership.

Reports had suggested that the apex bank is preparing to retire about 1000 of its employees before the end of the year.

Reliable sources at the apex bank’s headquarters revealed that the retirement would gulp over N50billion in payoff to the affected workers.

In what it described as a strategic realignment of its workforce, the CBN Board of Governors, led by Olayemi Cardoso, had expressed commitment to reducing the workforce.