Why We Approved Early Exit Package For Staff Members-CBN
2 years ago 3 min read
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…Says Participation Not Compulsory
The Central Bank of Nigeria has dismissed claims of forced mass retirements, clarifying that its Early Exit Package is entirely voluntary and without any negative repercussions for eligible staff.
Speaking in Abuja on Wednesday, December, the Acting Director of Corporate Communications, Mrs. Hakama Ali, stated that the decision to implement the exercise resulted from extensive consultations with the Bank’s Joint Consultative Council (JCC), a body representing staff interests.
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.
“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.
Addressing concerns about potential repercussions for staff who decline the package, 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. The House of Representatives had on Tuesday moved to investigate the circumstances that led to the mass retirement of 1,000 staff members of the Central Bank of Nigeria.
During its plenary on Tuesday, the House had also resolved to ascertain the N50bn payoff earmarked for the settlement of the entitlements of the affected staff.
This followed the adoption of a motion of urgent public importance raised by the member representing Ohaozara/Oncha/Ivo Federal Constituency of Ebonyi State, Rep Kama Nkemkama.
The apex bank is reportedly preparing to retire approximately 1,000 of its employees as part of its strategic workforce realignment. Speaking on the motion, Nkemkama expressed concerns over the actions of the CBN, urging his colleagues to rise to the fact-finding challenge.
He called for a probe of the N50bn payoff money for the affected staff, stressing that the House should he concerned about the sudden mass retirement, including some directors and senior management staff.
“The development raises critical questions about the criteria for selection, transparency, and adherence to due process in line with public service guidelines and labour laws.
“The disengagement of the staff members has socio-economic implications for the affected individuals, their dependents, and the broader economy, potentially leading to increased unemployment and public dissatisfaction,” he argued.
The Reps also resolved to critically examine the N50bn payoff scheme to ensure transparency, accountability, and proper utilization of funds.
Similarly, the leadership of the House resolved to engage the leadership of the CBN to evaluate the potential economic and institutional impact the mass retirement has on the country’s financial sector.
The lower legislative chamber also urged the CBN to suspend further implementation of the retirement exercise and associated payoff scheme pending the outcome of its investigation.
