The Central Bank of Nigeria (CBN), clarified that its Early Exit Package for employees is entirely voluntary, refuting reports of forced retirements under the scheme.
In a statement issued on Wednesday, the Acting Director of Corporate Communications, Mrs. Hakama Sidi-Ali, assured both staff and the public that no employee would be compelled to take early retirement.
She emphasized that the initiative provides an option for eligible staff members who wish to exit voluntarily, aligning with the bank’s strategy to foster career development.
“The Central Bank of Nigeria has dismissed claims of forced mass retirements, clarifying that its Early Exit Package is entirely voluntary and without any negative repercussions for eligible staff,” the statement read.
Sidi-Ali explained that the package is an extension of an existing policy previously available only to executives.
After consultations with the Bank’s Joint Consultative Council (JCC), which represents staff interests, the program was expanded to include all eligible employees.
“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 noted.
She reassured employees that participation is optional and those who decline would not face any adverse consequences.
The statement further emphasized that the initiative is part of broader internal reforms aimed at improving operational efficiency and staff development.
“CBN remains committed to supporting employees professional growth and welfare,” Sidi-Ali added.
However, reports suggest the program may involve the retirement of approximately 1,000 employees, with a severance package totaling over ₦50 billion allocated for payouts.
According to insider sources, the initiative is part of a strategic workforce realignment under the leadership of CBN Governor Olayemi Cardoso.
Meanwhile, the House of Representatives has raised concerns about the reported retirements, ordering a suspension of the exercise pending further investigation.
The House has set up an ad hoc committee to probe the circumstances surrounding the retirements and evaluate their potential economic and institutional impact on Nigeria’s financial sector.
The House also urged the Federal Ministry of Labour and Employment to ensure that the rights of affected employees are protected in line with Nigerian labor laws.
This development has sparked widespread interest, with stakeholders closely monitoring the outcome of the legislative investigation and its implications for the CBN’s workforce strategy.
