The Central Bank of Nigeria (CBN) plans to retire 1,000 employees by December 31, 2024, under a ₦50 billion workforce realignment initiative. Eligible staff will receive financial incentives through the Early Exit Package (EPP), with applications closing on December 7. This move aims to streamline operations under Governor Olayemi Cardoso’s leadership.
The Central Bank of Nigeria (CBN) has announced plans to retire approximately 1,000 employees by December 31, 2024, as part of a ₦50 billion workforce restructuring initiative. The move aligns with Governor Olayemi Cardoso’s strategic efforts to optimize the bank's operations and enhance efficiency.
A circular issued by the apex bank revealed the introduction of an Early Exit Package (EPP), open to all eligible staff. Applications for the package are set to close on December 7, 2024, with the retirement process taking effect at the year’s end. Employees who have served less than one year or are yet to be confirmed are not eligible for the package.
The EPP offers financial incentives covering the remaining period of service, up to a maximum of 18 months’ gross annual salary for employees across all eligible cadres. This announcement follows a series of workforce adjustments within the bank, including the disengagement of 17 directors earlier in 2024.
The restructuring is part of ongoing efforts to align the bank’s operations with its strategic objectives. While details on the number of staff opting into the program remain undisclosed, the ₦50 billion payout underscores the scale of the initiative.
The CBN has not officially commented on the broader implications of this move, but it reflects the institution’s focus on recalibrating its workforce. Analysts suggest this strategy could be pivotal in navigating the bank's evolving operational landscape under Cardoso's leadership.
