Central Bank of Nigeria, CBN governor Olayemi Cardoso appears not done with his plan to reduce the workforce of the government bank following reports that over 1000 employees have been marked for sack before December 31, 2024.
According to LinkedIn, there are close to 3,600 employees in the CBN, spread across 27 departments and five directorates. Sacking 1000 employees will further reduce its workforce, analysts said, urging the management to thread softly because some of those to be affected are well experienced, and this could affect the bank’s efficiency.
Whatever his reasons for downsizing the number of employees in the CBN, close watchers of the apex bank said Cardoso is poised to rid the bank of the ‘establishment staff’ in order to pave the way for new employees who will be loyal to him and the new management.
The magazine had earlier reported that the bank sacked no fewer than 320 officials between March and May this year in a very controversial manner, particularly after allegations that the some employees not loyal to the new regime in the apex bank were being targeted.
The sack came barely few months after President Bola Ahmed Tinubu appointed Cardoso in September 2023, and his quest to consolidate his position as Nigeria’s number one banker.
Seven months after, the CBN has placed over 1000 staff on sack notice, according to the Daily Trust. The employees which cut across all key departments in the bank may lose their jobs before the end of the year, sources said, saying over N50 billion has also been set aside as their severance package by the CBN.
“Whether they like it or not, they must go” a source informed the magazine following reports that those penciled down for sack are prepared to take the matter to court to keep their jobs.
Recall that some employees, including f top Directors and heads of department sacked early this year are currently in court to reverse their disengagement from the apex bank.
Sources however said the Cardoso-led CBN will press ahead with the sack describing it as a strategic realignment of its workforce, in line with its efforts to promote efficiency in the bank.
Cardoso’s critic however insist that the CBN is more focused in ridding the bank of employees who served under the embattled former CBN Governor Godwin Emefiele who is currently being prosecuted for graft by the Economic and Financial, Crimes Commission, EFCC.
According to a circular released few days ago by the CBN, the apex bank urged the affected staff to obtain the application for Early Exit Package, EPP before Saturday, December 7.
Exempted are those yet to be confirmed or who have served less than one year “as of the date of publication with the effective date of exit set at 31 December, 2024.”
Officials told Daily Trust that the apex bank was targeting retirement of over 1,000 staff members.
The officials, who pleaded anonymity, told our correspondent that at least 860 staff from the various departments have already applied for the EPP.
The management described the EEP as a voluntary programme offering eligible employees an incentive to exit the CBN early, “while providing employees seeking other career options a great opportunity for early exit.”
It cautioned that the staffers could not change their minds after applying, saying that all completed and submitted applications are final.
The EEP stated 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’s gross annual emoluments.
It also noted that financial incentives for managers shall be for the remaining period in service, up to a maximum of 36 months of current grade’s gross annual emoluments.
“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,” it added.
The EEP also provides for non-financial incentives, including “financial planning and entrepreneurial capacity building programme, purchase of laptops in line with the Bank’s current policy and 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 windows care by exited employees.”
A staff member, who spoke to our reporter, said: “The way they dated the offer, you’ll know that the target is actually from senior supervisors to deputy managers. If you look at it, they’re mostly those that came in within the 9 years of Governor Emefiele.
“For instance, I’ve worked for 4 years in the bank; the package they’re giving me is between N92 million to N97 million.
“Some others have worked up to a manager level and are only entitled to N64.5 million. So, the more time you have to go, the more money they pay you because you know, for them, you don’t have gratuity”, the staff said.
Another staff told Daily Trust yesterday that during a webinar held on Friday, the Human Resource Department of the bank expressed the apex bank’s decision to get the number it was targeting for the EEP.
“There is serious tension, serious apprehension. You can imagine the atmosphere. It is terrible.
“As of Friday, there were 860 people so far that have indicated interest in the EEP,” the staff said.
The 17 directors sacked 10 months ago and those who retired then are yet to be replaced.
Information on the CBN’s website yesterday showed that each of the 13 departments is headed by a coordinator.
A circular for replacement specified that deputy directors who have two years or less to retire are not eligible for consideration, and that each applicant must apply for only one of the positions listed as multiple applications may lead to disqualification.
Daily Trust’s investigations revealed that following the outcry that greeted the perceived bias against serving deputy directors, some of them were allegedly invited to apply for the vacant positions.
A senior staff stated that: “As it is, most of those who should qualify were affected alongside the sacked directors.
Some of the sacked directors had, four weeks ago, approached an Abuja division of the National Industrial Court of Nigeria for an interlocutory injunction to restrain the CBN from replacing them, saying their employments were “unlawfully terminated without a valid reason.”
Meanwhile, CBN spokesperson, Hakama Sidi Ali has yet to comment on the alleged plan to lay off dozens of employees before the end of the year.
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