CBN Finally Addresses Reported Plan to Retire 1,000 Employees, Offers N50 Billion in Pay-Off

• The early leave package (EEP), according to CBN, is entirely voluntary and has no adverse consequences on qualified employees
• This came after it was reported that the regulator was preparing to retire 1,000 employees and provide them with a severance payment over N50 billion
• In a statement released recently to address the issue, Hakama Sidi Ali, acting director of corporate communications, refuted the accusations

Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.

The Central Bank of Nigeria (CBN) claims that its early exit package (EEP) is completely voluntary and has no negative effects on eligible employees.

The explanation was provided by the apex bank in a statement on Wednesday, December 4.

This followed a report that the regulator was getting ready to give 1,000 personnel a severance payment worth more than N50 billion and retire them.

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The House of Representatives responded to the development by requesting that the CBN halt the 1,000 employees' "planned" retirement.

CBN denies planning to retire 1000 staff

Hakama Sidi Ali, acting director of corporate communications, denied the allegations in a statement released in Abuja.

According to her, the joint consultative council, which represents the interests of the bank's employees, was consulted extensively before the decision to carry out the exercise was made.

The EEP, a longstanding policy that was formerly granted to the executive cadre, is now available to qualified employees at all levels, according to the acting director.

“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.

Sidi Ali responded to worries about possible consequences for employees who refuse the package by reaffirming management's dedication to fostering workers' professional development and well-being and calling the worries baseless.

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"The initiative is an internal corporate matter designed to support the career development of the employees," she added.

Nigerian banks sack 49 employees

Legit.ng reported that 49 workers were let go by deposit money banks for committing fraud between April and June 2024.

This is stated in a report published by the Financial Institutions Training Centre (FITC).

The study found that the number of bank employees sacked for fraudulent activities has increased by 40% since the first quarter of 2024, when 35 individuals were fired for the same reason, indicating a worrying rise in internal misconduct.

Proofreading by Nkem Ikeke, journalist and copy editor at Legit.ng.

Source: Legit.ng