By Our Correspondent
The Central Bank of Nigeria (CBN) is preparing for a major workforce reduction, with about 1,000 employees set to leave by the end of December 2024.
This initiative, part of a broader restructuring led by Governor Olayemi Cardoso, is expected to cost over ₦50 billion in severance packages.
The plan includes an Early Exit Package (EEP) designed to encourage voluntary departures among eligible staff.
Employees with less than a year of service or unconfirmed appointments are excluded. Applications for the package close on December 7, with departures scheduled for December 31.
The EEP offers varying financial benefits based on remaining years of service, capped at five years for senior supervisors to deputy managers, three years for managers, and 18 months for lower ranks.
Additional incentives include entrepreneurial training, financial planning support, and extended healthcare coverage for up to three months.
So far, 860 employees have expressed interest in the programme, but the move has sparked tension within the bank.
The atmosphere has reportedly become strained as staff weighed the financial implications of the offer.
This follows recent dismissals of 17 directors under former Governor Godwin Emefiele.
Their replacements are yet to be announced, with department coordinators currently filling the roles.
Some of the affected directors are contesting their terminations in court.
The CBN has not publicly commented on the ongoing restructuring, which is seen as an attempt to streamline operations and align with its strategic objectives.
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