The Central Bank of Nigeria (CBN) is reportedly preparing to retire approximately 1,000 employees by 31 December 2024.
According to Daily Trust, the retirement exercise is estimated to cost the apex bank ₦50 billion. This follows a series of staff disengagements over the past 10 months, including the exit of 17 directors who served under the former governor, Godwin Emefiele.
Three weeks ago, the CBN issued a circular announcing the commencement of the Early Exit Package (EPP) programme. The application window, open to all cadres of staff, is set to close on Saturday, 7 December.
The circular clarified that staff excluded from the programme include those who are yet to be confirmed or who have served less than one year as of the publication date. The effective exit date for those opting into the programme is scheduled for 31 December 2024.
Additionally, the CBN outlined financial incentives for participants:
“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 circular stated.
