The Central Bank of Nigeria (CBN) has debunked rumors of forced mass retirements, clarifying that its Early Exit Package (EEP) is voluntary. The initiative, now extended to all staff levels, aims to support career growth without adverse consequences for non-participants, following consultations with employee representatives.
The Central Bank of Nigeria (CBN) has addressed reports claiming it is enforcing mass retirements among its staff, clarifying that its Early Exit Package (EEP) is entirely voluntary. In a statement released on Wednesday, the apex bank emphasized that the initiative aims to benefit eligible employees and is free from any compulsion or penalties.
This clarification follows speculation that over 1,000 employees were being retired with severance payments totaling more than ₦50 billion. Responding to these claims, the House of Representatives urged the CBN to halt what it referred to as a "planned" mass retirement.
Speaking on the matter, Hakama Sidi Ali, the acting director of corporate communications, dismissed the allegations, stating that the decision to implement the EEP resulted from extensive consultations with the bank’s Joint Consultative Council (JCC). This council represents the interests of employees and has reportedly advocated for broader access to the package across all staff levels.
Ali explained that the EEP, initially available only to senior executives, was extended to all eligible employees based on popular demand from staff representatives. She assured that the program is an internal initiative designed to enhance career development and reiterated that there would be no adverse consequences for employees choosing not to participate.
