THE Central Bank of Nigeria (CBN) has reportedly offered a N50 billion payoff to about 1,000 of its employees expected to have their employment terminated before the end of the year.
A report by Daily Trust said reliable sources at the CBN’s headquarters revealed the planned retirement of the staff.
In April this year, The ICIR reported on the apprehension that ensued over the long list of disengagement at the apex bank.
The CBN’s board under the leadership of the bank’s governor Olayemi Cardoso had pruned down its workforce, cutting across 29 departments as the organisation claimed it was restructuring to shift away from the development finance role.
About 117 staff were involved in the disengagement at the time and in the last 10 months, CBN has continued to disengage its workforce, including 17 directors, who served under the immediate past governor, Godwin Emefiele.
Daily Trust reported that a circular sighted by its correspondent showed that the application for an early exit package (EPP) was open to all cadres of staff and would close by Saturday, December 7.
It stated that those yet to be confirmed or have served less than one year were exempted as of the date of publication with the effective date of exit set for December 31, 2024.
The ICIR made attempts to have the CBN’s acting director of corporate communication, Hakama Sidi Ali, comment on the issue. However, she did not pick up calls made to her phone line.
According to the news platform, the officials, who pleaded anonymity, told its correspondent that at least 860 staff from the various departments had already applied for the EPP.
An EEP is a voluntary programme offering eligible employees an incentive to exit the CBN early, “while providing employees seeking other career options a great opportunity for early exit,” it stated.
It said that financial incentives for senior supervisors to deputy managers shall be for the remaining period in service, up to a maximum of 60 months of the current grade’s gross annual emoluments.
It also explained that financial incentives for managers shall be for the remaining period in service, up to a maximum of 36 months of the current grade’s gross annual emoluments.
“Financial incentives for all other cadres of staff shall be for the remaining period in service, up to a maximum of 18 months of current grade gross annual emoluments,” it further stated.
A member of staff of CBN said the staff being targeted were employees recruited within the nine years of Emefiele’s leadership.
“For instance, I’ve worked for four years in the bank; the package they’re giving me is between N92 million to N97 million.
“Some others have worked up to a manager level and are only entitled to N64.5 million. So, the more time you have to go, the more money they pay you because you know, for them, you don’t have gratuity”, the staff was quoted to have said.
The anxiety faced by the staff has resulted in some of the workers dragging the apex bank to court, The ICIR can report.
In August, about 100 of the sacked workers had sought redress from the National Industrial Court (NIC).
The plaintiffs urged the court to prevail on the bank, describing its decision as abrupt and unjust. They demanded payment for their outstanding salaries, allowances, and other entitlements.
A senior advocate and lead counsel for some of the affected staff, Ola Olanipekun, presented the court documents to journalists in Jos, Plateau State according to reports.