CBN has shed lights on its Early Exit Package (EEP) for its employees, saying the exercise was entirely voluntary and without any negative repercussions for eligible staff
By Emma Ogbuehi
The Central Bank of Nigeria (CBN) has shed lights on its Early Exit Package (EEP) for its employees, saying the exercise was entirely voluntary and without any negative repercussions for eligible staff. The bank also dismissed claims of forced mass retirements.
The Ag. Director of Corporate Communications, Mrs. Hakama Sidi Ali, who made the clarification in Abuja on Wednesday, explained that the decision to implement the exercise was the outcome of extensive consultations with the Bank’s Joint Consultative Council (JCC), a body representing staff interests.
Mrs. Sidi Ali explained that the EEP, a longstanding policy previously accorded to the executive cadre, has now been made available to eligible staff at all levels.
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“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,” she said.
Addressing concerns about potential repercussions for staff who decline the package, Mrs. Sidi Ali reaffirmed management’s commitment to supporting employees’ professional growth and well-being, describing the concerns as unfounded. She further emphasized that the initiative is an internal corporate matter designed to promote career development for staff.
Media reports had stated that the Central Bank was set to retire approximately 1,000 employees as part of a strategic workforce realignment.
A severance package worth over N50 billion was said to have been allocated as the payoff for the exercise.
The retirement initiative is driven by the need to streamline operations and reduce staff numbers under the leadership of the apex bank’s Governor, Olayemi Cardoso.
Daily Trust reported on Monday that a circular released three weeks ago by the CBN noted that the application for Early Exit Package (EPP) was open to all cadres of staff and will close by Saturday, December 7.
Exempted are those yet to be confirmed or who have served less than one year “as of the date of publication with the effective date of exit set at 31 December 2024.”