By Ola Kay and Hussein J-Isah
In a move considered as a strategic alignment of workforce, the Central Bank Nigeria’s Board of Governors, headed by Olayemi Cardoso, has expressed the plan to jerk down the workforce significantly by retiring no fewer than 1,000 of its employees before end of December.
Recall that in the last 10 months, the apex bank embarked on the retrenchment of a number of staffers, including 17 directors, who served under the immediate past governor, Godwin Emefiele, apart from the relocation of its key operations to Lagos State, which became controversial at the time.
Sources and available reports at the CBN revealed that the imminent sunami at the bank’s headquarters will cost over N50 billion in settlement of the severance and others entitlements of the affected 1,000 workers.
It is noteworthy that the 17 retired directors are yet to be replaced.
The CBN’s website as of Sunday indicated that each of the 13 departments of the bank is headed by a coordinator.
A circular for replacement specified that deputy directors who have two years or less to retire are not eligible for consideration, and that each applicant must apply for only one of the positions listed as multiple applications may lead to disqualification.
A pointer to the looming exercise was contained in a circular made available three weeks ago by the CBN, the application for Early Exit Package (EPP) was open to all cadres of staff and will close by Saturday, December 7. The circular revealed that those exempted by the exercise include staff members yet to be confirmed or who have served less than one year “as of the date of publication with the effective date of exit set at 31 December, 2024.”
A source who preferred not to be mentioned said that at least 860 CBN staff from various departments have already applied for the EPP- a voluntary programme offering eligible employees an incentive to exit the CBN early, “while providing employees seeking other career options a great opportunity for early exit.
The statement warned that the staffers could not change their minds after applying, saying that all completed and submitted applications are final.
The EEP, according to the management, emphasized that financial incentives for senior supervisors to deputy managers shall be for the remaining period in service, up to a maximum of 60 months of current grade’s gross annual emoluments.It also noted that financial incentives for managers shall be for the remaining period in service, up to a maximum of 36 months of current grade’s gross annual emoluments.
Information on the EPP added that, “Financial incentives for all other cadres of staff shall be for the remaining period in service, up to a maximum of 18 months of current grade gross annual emoluments.” It also makes provision for non-financial incentives, including “financial planning and entrepreneurial capacity building programme, purchase of laptops in line with the Bank’s current policy and extended medical care for an additional three months for self and dependents after the expiration of the three-month current provision of access to medical windows care by exited employees.”
A staff member, who had put up four years with the apex bank spoke under conditions of anonymity: “The way they dated the offer, you’ll know that the target is actually from senior supervisors to deputy managers. If you look at it, they’re mostly those that came in within the 9 years of Governor Emefiele. I have worked for 4 years in the bank, the package they are giving me is between N92 million to N97 million.
He revealed further that, those have worked up to a manager cadre are only entitled to N64.5 million, suggesting that the more time a staffer has left, the more financial benefits because such a staff will automatically not be entitled to any gratuity.
Another source told our reporter that, already, the apex bank’s decision is generating tension among staff members.
The CBN’s Director of Corporate Communication, Hakama Sidi Ali, had yet to respond to information on the imminent early retrenchment of 1000 staff members of the apex bank.
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