CBN Clarifies Staff Retrenchment Exercise

The Central Bank of Nigeria (CBN) has dismissed claims of forced mass retirements, clarifying that its Early Exit Package (EEP) is entirely voluntary and without any negative consequences for eligible staff.

CBN’s Acting Director of Corporate Communications, Mrs. Hakama Ali stated that the decision to implement the exercise was the outcome of extensive consultations with the bank’s joint consultative council, a body representing staff interests.

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

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“For some time, staff representatives through the council 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 decline the package, Mrs. Sidi Ali reaffirmed management’s commitment to supporting employees’ professional growth and well-being, describing the concerns as unfounded.

She further emphasised that the initiative is an internal corporate matter designed to promote career development for staff.