The Central Bank of Nigeria (CBN) has clarified its stance on recent claims of forced staff resignations, asserting that its Early Exit Package (EEP) is entirely voluntary and without adverse consequences for eligible staff. This clarification was issued by the Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, who described the policy as long-standing and previously exclusive to the executive cadre.
Sidi Ali emphasized that the decision to extend the policy to all eligible staff followed extensive consultations with the Bank’s Joint Consultative Council (JCC), a body representing employee 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,” she explained, adding that declining the package would have no negative repercussions for staff.
Legislative Inquiry and Concerns
The House of Representatives has intervened in the matter, directing the CBN to suspend the retirement of over 1,000 staff and the accompanying N50 billion payoff scheme pending the outcome of a probe.
Lawmakers raised concerns about the legal and economic implications of the mass retirements, initiating an investigation into the restructuring process under the Acting Governor’s leadership. An ad hoc committee has been formed to engage with the CBN leadership to evaluate the policy’s impact on Nigeria’s financial sector.
Rep. Kama Nkemkama (LP, Ebonyi), who sponsored the motion of urgent public importance, highlighted media reports suggesting that the CBN plans to retire over 1,000 employees by year-end as part of its restructuring efforts. The legislature also urged the Federal Ministry of Labour and Employment to ensure the rights of affected employees are safeguarded in line with Nigerian labour laws.
Workforce Restructuring and Financial Commitment
Sources within the CBN revealed that the retirement scheme is part of a strategic realignment led by the Board of Governors under Olayemi Cardoso. The initiative is expected to cost the apex bank over N50 billion in severance payouts.
The CBN maintains that the restructuring aims to streamline operations and enhance efficiency while addressing long-standing demands from its workforce.
