CBN Clarifies Voluntary Early Exit Program for Staff

The Central Bank of Nigeria (CBN) has refuted claims of enforced mass retirements, clarifying that its Early Exit Package (EEP) is entirely voluntary and free of negative consequences for eligible staff.

In a statement delivered in Abuja, Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, explained that the program was developed following extensive consultations with the Bank’s Joint Consultative Council (JCC), a body representing staff interests.

Mrs. Sidi Ali highlighted that the EEP, previously limited to the executive cadre, has now been extended to eligible employees across all levels. She noted that the decision followed persistent requests from staff representatives, who advocated for broader access to the package.

“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.

She also dismissed concerns about adverse effects for employees who opt out of the program, reaffirming the Bank’s commitment to supporting career growth and employee well-being. Mrs. Sidi Ali emphasized that the initiative is strictly an internal corporate measure aimed at fostering career development for staff.