In response to growing public concern over the recent announcement of mass retirements at the Central Bank of Nigeria (CBN), the apex bank has clarified that no employee will be forced into retirement.
The CBN emphasized that the newly introduced Early Exit Package (EEP) is entirely voluntary, and there will be no negative consequences for eligible staff members who choose not to participate.
Hakama Ali, the Acting Director of Corporate Communications, stated in a press release that the decision to introduce the EEP followed extensive consultations with the Bank’s Joint Consultative Council (JCC), which represents the interests of the staff. Ali explained that the initiative is intended to serve the best interests of CBN employees, with the aim of providing additional opportunities for career growth and transition.
The Early Exit Package, which has traditionally been offered to executive staff members, has now been expanded to include employees at all levels of the bank. This move follows a request from staff representatives through the JCC, who advocated for the inclusion of all personnel in the program. The bank noted that the decision to broaden the scope of the package was in direct response to feedback from staff, ensuring that it aligns with the needs and preferences of the workforce.
Ali further assured the public that the introduction of the EEP is an internal policy decision aimed at enhancing opportunities within the bank, and that it will not negatively affect the long-term stability or wellbeing of the staff. She reiterated the CBN’s commitment to maintaining a supportive and inclusive work environment, underlining that the bank remains dedicated to the growth and development of all its employees, regardless of whether they choose to participate in the Early Exit Package.
