The Central Bank of Nigeria (CBN) has announced plans to retire approximately 1,000 employees as part of a large-scale restructuring initiative aimed at streamlining its operations and aligning with its new strategic direction.
Under this plan, the apex bank has allocated N50 billion to cover severance packages for the affected staff, ensuring a smooth and equitable transition.
The decision, spearheaded by CBN Governor Olayemi Cardoso, targets employees across various cadres, including directors, deputy directors, and other ranks within the organization.
The move, described as part of a “human capital restructuring” effort, has been met with anxiety among employees, who claim the criteria for selection remain unclear.
Sources within the bank revealed that the restructuring aligns with the CBN’s updated policies on redundancy and early retirement, as outlined in its Human Resources Policies and Procedures Manual.
While the manual emphasizes amicable separation processes, concerns have been raised over alleged favoritism and opaque implementation methods.
Employees and labor groups have expressed apprehension, with some suggesting that the policy disproportionately affects certain departments and individuals.
The apex bank has yet to provide a detailed explanation regarding the criteria used for selecting employees for retirement.
This latest development follows several internal reforms within the CBN, reflecting the administration’s commitment to enhancing efficiency and accountability in the nation’s financial sector.
