- Central Bank of Nigeria (CBN) clarified Early Exit Package is voluntary, offering eligible staff the chance to leave by choice
- Staff and public reassured there will be no forced retirements or negative consequences
- CBN emphasised that the initiative aligns with career development goals and well-being
The Central Bank of Nigeria (CBN) has clarified that its Early Exit Package for employees is completely voluntary, adding that the initiative offers eligible staff members the chance to leave the bank by choice, in line with the CBN’s continuous efforts to support career growth.
This was disclosed in a statement issued by the CBN on Wednesday, December 3, by Mrs Hakama Sidi-Ali, Acting Director of Corporate Communications, who assured both staff and the public that the early retirement scheme would not involve forcing any employee into early retirement.
CBN reaffirms voluntary nature of early exit package
The statement read, “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.”
Sidi-Ali explained that the Early Exit Package is an expansion of a pre-existing policy, which had been available only to the executive cadre before now.
After thorough consultations with the Bank’s Joint Consultative Council, which represents staff interests, management decided to make the program available to eligible staff at all levels.
She further said, “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.”
CBN dismisses fears of repercussions package refusal
Recall that the CBN was reported to be preparing a strategic workforce realignment that would see approximately 1,000 employees retired, with a severance package valued at over N50bn designated for the process.
Sidi-Ali reassured staff that the concerns regarding potential negative consequences for those who do not participate in the Early Exit Package were completely baseless.
She made it clear that participation is entirely up to the individual, and there will be no harmful consequences for those who opt-out.
CBN to start fining banks over cash scarcity at ATMs
Meanwhile, TheRadar earlier reported that CBN issued warnings to financial institutions over ongoing ATM cash shortages.
According to the report, penalties for banks failing to ensure cash availability would start December 1, 2024.