CBN Addresses Backlash Over Mass Retirements, Assures Voluntary Process

The Central Bank of Nigeria (CBN) has clarified its stance amid public backlash over the recently announced mass retirements, assuring that no staff member will be compelled to retire.

The assurance follows a directive by the House of Representatives on Tuesday, instructing the apex bank to suspend the planned retirement of 1,000 staff and the accompanying payoff scheme until investigations are concluded.

In a statement by the Acting Director of Corporate Communications, Hakama Ali, the bank explained that the newly introduced Early Exit Package (EEP) is entirely voluntary and does not carry any adverse implications for eligible employees.

“The Early Exit Package, a policy that has historically been extended to executive staff, has now been made available to personnel across all levels of the Bank,” Ali stated.

She added that the decision to implement the EEP followed extensive consultations with the Bank’s Joint Consultative Council (JCC), reflecting the collective interests of the staff.

The CBN further revealed that the policy was introduced in response to requests from staff representatives through the JCC, who advocated for the expansion of the package to include all employees.

“This is an internal corporate matter intended to enhance opportunities for our staff,” Ali emphasized.

The development comes as the apex bank seeks to allay concerns over the retirement scheme and maintain workforce stability amidst ongoing investigations.