The Central Bank of Nigeria, CBN, has clarified that its Early Exit Package, EEP, is entirely voluntary and without any negative repercussions for eligible staff. 

This comes after claims of forced mass retirements surfaced.

 According to the Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, 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 .

Mrs. Sidi Ali explained that the EEP, a longstanding policy previously accorded to the executive cadre, has now been made available to eligible staff at all levels.

 She noted that staff representatives through the JCC had called on management to approve the early exit package for all cadres, and following these discussions, management decided to meet this popular demand 

Addressing concerns about potential repercussions for staff who decline the package, Mrs. Sidi Ali reaffirmed management’s commitment to supporting employees’ professional growth and well-being, describing the concerns as unfounded. She further emphasized that the initiative is an internal corporate matter designed to promote career development for staff.

In related news, the House of Representatives has ordered the suspension of the reported mass retirement, raising concerns about its economic and institutional impact on Nigeria’s financial sector. The House set up an ad hoc committee to investigate the circumstances surrounding the initiative