CBN Breaks Silence on Mass retirement programme
The Central Bank of Nigeria has said that its Early Exit Package for staff of the apex bank is entirely voluntary and that participation is not mandatory.
The CBN In a statement issued on Wednesday, the Acting Director of Corporate Communications, Mrs Hakama Sidi-Ali, assured staff and the public that no employee would be forced into early retirement under the scheme.
She stressed that the programme provides an opportunity for eligible staff members who wish to exit the bank voluntarily, which is in alignment with CBN’s ongoing strategy to promote career development.
The statement read, “The Central Bank of Nigeria has dismissed claims of forced mass retirements, clarifying that its Early Exit Package is entirely voluntary and without any negative repercussions for eligible staff.”
Sidi-Ali explained that the Early Exit Package was not a new initiative but an extension of an existing policy, which had previously been available only to the executive cadre.
Following extensive consultations with the Bank’s Joint Consultative Council, a body representing staff interests, management decided to open the programme to eligible staff at all levels.
She was quoted in the statement, saying “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 fears that staff members who choose not to participate in the Early Exit Package might face negative consequences, Sidi-Ali assured that these concerns were entirely unfounded.
She reiterated that participation is completely voluntary, and those who opt out would not suffer any adverse repercussions.
CBN’s Acting Director emphasised that the bank remains committed to the professional growth and welfare of its employees, reiterating that the Early Exit Package is part of broader internal reforms aimed at improving operational efficiency and staff development.
The statement concluded, “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.”
The CBN was reported to be preparing to retire approximately 1,000 employees as part of a strategic workforce realignment.
A severance package worth over N50bn was said to have been allocated as the payoff for the exercise.
According to an insider, 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.
The PUNCH earlier reported that the House of Representatives ordered the suspension of the reported ongoing mass retirement of staff at the Central Bank of Nigeria, with N50bn reportedly earmarked as severance funds.
The House set up an ad hoc committee to investigate the circumstances that led to the mass retirement of 1,000 staff members of the apex bank.
The Green Chamber also resolved to “engage the leadership of the CBN to evaluate the potential economic and institutional impact the mass retirement has on Nigeria’s financial sector.”
The legislative also urged the apex bank to suspend further implementation of the retirement exercise and associated payoff scheme pending the outcome of the House investigation.
This is just as it called on the Federal Ministry of Labour and Employment to ensure that the rights of the affected staff are protected in accordance with Nigerian labour laws.
