The Central Bank of Nigeria, CBN, has clarified that its Early Exit Package, introduced as part of internal workforce reforms, is entirely voluntary and not mandatory for any staff member.
In a statement on Wednesday, Acting Director of Corporate Communications, Mrs. Hakama Sidi-Ali, assured employees and the public that no one would be compelled into early retirement under the scheme. She emphasized that the initiative aligns with the bank’s strategy to enhance career development and operational efficiency.
Mrs. Sidi-Ali dismissed claims of forced mass retirements, reiterating that the Early Exit Package provides an opportunity for eligible employees who wish to leave voluntarily. The programme, initially exclusive to executive staff, was extended to all eligible cadres following consultations with the Joint Consultative Council, JCC, a body representing staff interests.
“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,” Sidi-Ali stated.
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She reassured employees that those who choose not to participate in the programme would not face any negative repercussions.
Meanwhile, the House of Representatives has intervened, ordering the suspension of the reported mass retirement of about 1,000 CBN employees. Reports suggest that over ₦50 billion has been allocated for severance packages.
The House has set up an ad hoc committee to investigate the circumstances surrounding the exercise, citing potential economic and institutional impacts on Nigeria’s financial sector. It also urged the Federal Ministry of Labour and Employment to protect the rights of affected employees in accordance with labour laws.
The CBN, under the leadership of Governor Olayemi Cardoso, has described the retirement initiative as part of a broader strategic realignment aimed at improving operational efficiency.
Despite concerns, Mrs. Sidi-Ali concluded that the initiative was a proactive measure designed to support professional growth and ensure the well-being of staff members.
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