The Central Bank of Nigeria (CBN) has clarified that its Early Exit Package (EEP) is voluntary and without any negative repercussions for eligible staff.
Henzodaily reported that the CBN is preparing to retire approximately 1,000 employees by the end of the year, as part of a strategic workforce realignment under the leadership of Governor Olayemi Cardoso, which is expected to cost over N50 billion in severance packages.
Sources within the CBN disclosed that the affected employees include staff members who have served in various capacities across the bank.
Speaking in Abuja on Wednesday, the Ag. Director of Corporate Communications, Hakama Sidi Ali, dismissed claims of forced mass retirements, explaining that the EEP is voluntary.
Ali stated that the decision to implement the exercise resulted from extensive consultations with the Bank’s Joint Consultative Council (JCC), a body representing staff interests.
According to her, the EEP is a longstanding policy previously accorded to the executive cadre but has now been made available to eligible staff at all levels.
She further emphasized that the initiative is an internal corporate matter designed to promote career development for staff.
She said, “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.”
Addressing possible consequences for employees who reject the package, Ali reiterated management’s dedication to fostering workers’ career development and welfare, describing the concerns as unfounded.