CBN refutes staff forced retirement reports

Staff of the Central Bank of Nigeria (CBN) that retired under its Early Exit Package (EEP) programme exited service voluntarily, the regulator said.

There have been reports that the exit programme was targeted at workers from a particular part of the country with the number of those rumoured to be involved hovering between 1,000 and 1,500.

The Acting Director of Corporate Communications of the CBN, Hakama Sidi Ali, dismissed the reports, saying there was no plan to carry out forced mass retirements.
She clarified that the Early Exit Package (EEP) is entirely voluntary and without any negative repercussions for eligible staff.

She stated that the exercise was the outcome of extensive consultations with the bank’s Joint Consultative Council (JCC), a body representing staff interests.

Sidi Ali explained that the EEP, a longstanding policy previously applied to the executive cadre, has now been made available to eligible staff at all levels.

“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 said.

Addressing concerns about potential repercussions for staff who declined the package, Sidi Ali reaffirmed management’s commitment to supporting employees’ professional growth and well-being, describing the concerns as unfounded.

She emphasized that the initiative is an internal corporate matter designed to promote career development for all staff members.