The Central Bank of Nigeria (CBN) has explained that the Early Exit Package (EEP) for about 1,000 of its staff, which is being misconstrued as “forced retirement” by social media “is entirely voluntary” and without any negative repercussions for eligible staff.
Reacting to media reports that it is planning to disengage about 1,000 staff, with over N50 billion earmarked to settle those that would be affected, the Apex Bank’s spokesperson, Mrs. Hakama Sidi Ali, stressed that the exercise is not a “mass retirements.”
In a statement today, December 4, Mrs. Hakama Sidi Ali said that the decision to implement the Early Exit Package was the outcome of extensive consultations with the Bank’s Joint Consultative Council (JCC), a body representing staff interests.
She explained that the EEP, a longstanding policy that was previously accorded 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.”
Mrs. Hakama Sidi Ali described the concerns about potential repercussions for staff who decline the package as unfounded, saying that management is committed to supporting employees’ professional growth and well-being.
She emphasized that the initiative is an internal corporate matter that is designed to promote career development for staff.
