THE Central Bank of Nigeria (CBN) is encouraging staff members who have served it for at least one year to resign and receive compensations running into millions of naira.
Economy Post found that the compensation for an individual ranges from N15 million to N60 million, depending on their position. However, for anyone to benefit from the cash bonanza, the person’s date of exit must not exceed December 31, 2024.
Economy Post had access to the document issued by the CBN to all of its staff members across the nation regarding the issue. The document shows 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 current grade gross annual emoluments.
What this means is that the exiting staff are going to receive pay-off salaries.
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“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,” the document said.
“All successful applicants, excluding junior staff and deputy directors, who
were due for promotion as of January 1, 2024, shall exit on the next grade,
current step,” the apex bank noted.
The CBN said that staff who have been on their grade for two years but less than three years shall receive additional incentive of two-thirds of the difference
in final entitlement between the current grade and the next grade.
“Staff who have been on their grade for one (1) year but less than two (2) years
shall receive an additional incentive of one-third (1/3) of the difference in final
entitlement between the current grade and the next grade, current step.”
The exiting staff members will also receive non-financial incentives, financial planning and entrepreneurial capacity-building programme and laptops in line with the CBN’s current policy.
There will also be “extended medical care for an additional three months for self and dependents after the expiration of the three-month current provision of access to medical care by exited employees.”
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Speculations, debates at CBN
The move by Dr Yemi Cardoso-led CBN has sparked debates at the apex bank, with some saying that the CBN governor wants to seize the opportunity to bring in his people.
“Governor Cardoso is simply using the opportunity to bring in his people. I was told that he has people already who have been interviewed to take over the jobs of those who are leaving,” a senior staff member of the CBN, who pleaded anonymity, told Economy Post.
Another source, a manager, said it was an attempt to retire people from certain sections of the country who had dominated the apex bank for years, noting that more than 500 staff members would “be pushed out in the process.”
“It is meant to push out people from certain parts of the country who have dominated the CBN for years,” the source said.
Daily Trust had reported that the CBN will soon retire about 1,000 of its employees before the end of the year.
The CBN has retired 17 directors in the last 10 months, including several staff members members said to be loyal to the embattled former CBN Governor, Mr Godwin Emefiele .
CBN’s response
Economy Post sent a message to Acting Director of Corporate
Communications at CBN, Ms Hakama Sidi Ali, asking why the bank is encouraging its staff to resign. She did not respond immedlately but issued a press statement hours later.
The statement said, “The decision to implement the exercise was the outcome of extensive consultations with the Bank’s Joint Consultative Council (JCC), a body representing staff interests.
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“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.
Ms. Sidi Ali reaffirmed management’s commitment to supporting employees’ professional growth and well-being, describing the concerns as unfounded. She further noted that the initiative was an internal corporate matter designed to promote career development for staff.
