The Central Bank of Nigeria (CBN) on Wednesday clarified the process involved in its staff retirement, adding that its recent announcement was as a result of wide consultation with staff union representatives.

 It added that recent reports of forced mass retirements were not properly presented while clarifying that its Early Exit Package (EEP) is entirely voluntary and without any negative repercussions for eligible staff.

Recall that Daily Trust on Monday reported exclusively how the apex bank plans to retire 1,000 staff members while offering N50 billion in settlement.

In her clarification, the Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, stated that 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.

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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”

“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, Mrs. Sidi Ali reaffirmed management’s commitment to supporting employees’ professional growth and well-being, describing the concerns as unfounded.