Central Bank of Nigeria Plans to Retire Over 1,000 Staff by December 2024
The Central Bank of Nigeria (CBN) is set to retire at least 1,000 members of its workforce before the end of December 2024, according to reports from Daily Trust. Sources within the apex bank revealed that the retirement process, which is part of the ongoing reorganization under the leadership of the Board of Directors (BoDs) chaired by Olayemi Cardoso, will cost the bank over N50 billion in severance packages for those affected.
The decision to downsize the workforce is in line with the board’s strategy to streamline operations and reduce overhead costs. The CBN has already seen several layoffs in the past 10 months, including the disengagement of 17 directors who had served under the previous governor, Godwin Emefiele. Emefiele, who is currently facing charges before a Federal High Court, has seen significant restructuring within the bank since his tenure.
A circular released by the bank three weeks ago announced that the application window for the Early Exit Package (EPP) would be open to all staff levels, except those who have not yet been confirmed or those with less than one year of service. The deadline for submitting applications for the EPP is set for Saturday, December 7, with the effective date of exit for all approved staff members scheduled for December 31, 2024.
This restructuring move is expected to bring further changes within the CBN as it continues its efforts to streamline operations and reduce the number of staff in alignment with its strategic goals.
