Even though 17 directors whose appointments were recently terminated are still in court, the Central Bank of Nigeria (CBN) has initiated an Early Exit Package to eliminate 1,000 employees.
Sources close to the apex bank reveal that targeted staff members were given up to December 31, 2024, to either take the offer or grapple with whatever comes their way.
The voluntary Early Exit Package (EEP) will cost the bank over N50 billion. Â
A circular released by the CBN announced that the EEP application is open to staff across all levels, except those with less than a year of service.
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The exit date is fixed for December 31, 2024.
Employees opting for the package will receive financial compensation based on their remaining years in service, with additional benefits such as financial planning support and extended healthcare.
As of now, 860 employees have applied for the program, fueling concerns among staff about the impact of the downsizing.
The initiative follows the disengagement of 17 directors earlier this year, whose positions remain vacant.
As of now, the Yemi Cardoso-led bank has not given any clear reason for this purge other than to say that the program presents an opportunity for employees to explore new career paths. Â
This development occurs at a very crunchy time when many Nigerians are grappling with harsh economic realities precipitated by difficult economic reform policies by the Federal Government.
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