The management of the Central Bank of Nigeria (CBN), under it's Governor Yemi Cardoso, has pronounced a voluntary Early Exit Programme (EEP) for their employees, signaling a quick departure from the controversial mass dismissal that led to lawsuits and public criticism earlier this year. 


The EEP, expected to cost the bank over ₦50 billion, allows up to 1,000 employees to retire with generous financial and non-financial incentives, aiming to restore confidence among staff and the public.

The EEP’s terms suggest the CBN is keen to avoid repeating the mistakes of the earlier mass terminations that saw over 300 staff, including senior managers, dismissed without proper severance. Those abrupt firings, conducted without standard procedures or financial packages, sparked over 100 lawsuits, with affected employees seeking compensation for wrongful termination, unpaid salaries, and emotional distress.

In contrast, the EEP explicitly emphasizes fairness and transparency. Eligible employees must certify that their application is voluntary, that they understand the terms, and that they accept the management’s final decision—steps clearly designed to protect the bank from future legal challenges.

Applications for the Early Exit Programme (EEP) remain open until December 7, 2024, with all approved exits set to take effect by December 31, 2024.

 The financial incentives offered under the programme are tiered based on employee rank. Senior Supervisors to Deputy Managers are eligible for payouts equivalent to up to 60 months of gross annual emoluments, Managers can receive up to 36 months, and other staff categories are entitled to up to 18 months of gross annual emoluments.


Beyond financial compensation, the EEP includes additional benefits such as entrepreneurial training, financial planning assistance, and an extended three-month medical coverage period for employees and their dependents. Eligible staff members due for promotion as of January 2024 will also have the opportunity to exit at the next grade level.

To mitigate potential financial strain, the programme has implemented a structured approach to managing outstanding loans. Only 20% of loan balances will be deducted from gratuities at the time of exit, with the remaining amount payable over a five-year period, ensuring a smoother financial transition for departing staff. The EEP has drawn mixed reactions from employees. While many see the financial packages as a step in the right direction, others feel the payouts fall short of reflecting their years of service. “The deal is fair, but it doesn’t entirely address the sense of unfairness lingering from earlier events,” said one staff member.

Pundits have noted that the EEP’s detailed structure is a clear attempt by the CBN to rebuild trust and prevent a repeat of the legal and reputational damage caused by its previous restructuring efforts. 

A labor rights advocate commented, “This package is a smarter and more humane approach. It shows the CBN has learned from its earlier mistakes, but it also raises questions about why this wasn’t done earlier.”

A Step Toward Rebuilding Trust
The CBN’s pivot to a more inclusive and transparent process underscores its acknowledgment of past missteps. By prioritizing voluntary participation, offering substantial financial incentives, and incorporating safeguards against future disputes, the bank is signaling a renewed commitment to fairness and accountability.

As the exit plan unfolds, all eyes will be on how it impacts employee morale and the bank’s reputation. For now, the CBN appears to be taking a critical step toward repairing its image and avoiding the costly consequences of another controversy. 

However, to navigate through the legal quagmire and regain its image, the Central Bank of Nigeria (CBN) should prioritize resolving the pending lawsuits with former employees through amicable and fair negotiations. Offering settlements that align with the benefits under the newly announced Early Exit Programme (EEP) would demonstrate a genuine commitment to fairness and accountability. 

Furthermore, the CBN should establish an independent review panel to assess the events that led to the departure from the established norms of the bank to avoid a repeat of such. By issuing formal apologies and recognizing the contributions of wrongfully dismissed employees, the bank can signal its acknowledgment of past missteps. 

These steps, coupled with enhanced internal policies to prevent future controversies, would help restore confidence among employees, stakeholders, and the public, gradually rebuilding its reputation as a fair and ethical institution.