CBN denies reports of forced mass retirement, says staff exit voluntary

The Central Bank of Nigeria (CBN) says its early exit package (EEP) is entirely voluntary and without any negative repercussions for eligible staff.

The apex bank made the clarification in a statement on Wednesday.

Reports had said the regulator was preparing to retire 1,000 officials and provide them with a severance package totalling over N50 billion.

Reacting to the development, the house of representatives asked the CBN to suspend the “planned” retirement of 1,000 staff.

Speaking in Abuja on Wednesday, Hakama Sidi Ali, acting director of corporate communications, dismissed the claims.

She said the decision to conduct the exercise was the outcome of extensive consultations with the bank’s joint consultative council (JCC), a body which represents the interests of the bank’s staff.

The acting director explained that the EEP, a “longstanding policy” previously accorded to the executive cadre, is now accessible to eligible staff at all levels.

“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, Sidi Ali reiterated the management’s commitment to supporting employees’ professional growth and wellbeing, describing the concerns as unfounded.

She further said the initiative is an internal corporate matter designed to support the employees’ career development.