The Central Bank of Nigeria (CBN) is set to retire over 1,000 employees under a voluntary retirement program called the Early Exit Package (EPP). This exercise, aimed at streamlining operations and reducing staff numbers, is expected to cost the apex bank over ₦50 billion in severance payouts.

• Eligibility: Open to confirmed staff who have served for at least one year.

• Exclusions: Staff yet to be confirmed or who have served less than one year are ineligible.

• Application Deadline: December 7, 2024, with an effective retirement date of December 31, 2024.

• Senior supervisors to deputy managers: Severance equivalent to the remaining service period, capped at 60 months of gross annual emoluments.

• Managers: Severance equivalent to the remaining service period, capped at 36 months of gross annual emoluments.

• Other cadres: Severance equivalent to the remaining service period, capped at 18 months of gross annual emoluments.

• As of last Friday, 860 staff members had applied for the EEP.

• The CBN has clarified that applications are final once submitted, and participants cannot reverse their decisions.

• A staff member revealed that severance packages could range between ₦92 million and ₦97 million for those with several years of service left. For others, payouts might be less, depending on their position and time left in service.

• Another staff member expressed concerns about the tense atmosphere within the organization, describing the situation as one of “serious tension and apprehension.”

This move aligns with the vision of CBN Governor Olayemi Cardoso to optimize the institution’s workforce. Observers note that the program appears to target employees who joined during the tenure of the former governor, Godwin Emefiele, who served for nine years.