After reading a number of stories on the Early Exit Package (EEP) of the Central Bank of Nigeria (CBN), which many termed mass retirement, many thoughts raced through my mind, one of which was to just let it slide since I neither speak nor work for the apex bank. But then, I owe a duty to put some of the issues in more elaborate, even if different perspectives.
For starters, we need to appreciate the fact that, due to technological disruptions and the dynamic nature of human beings, the way we used to consume news is going through tremendous changes. So, news is no longer just to inform. It is now treated like a commodity that must be attractive to the consumer (reader), who is facing a deluge of information, all competing for his attention.
And based on evidence that stakeholders have at their disposal, news about jobs and employment opportunities is among those that generate the most interest among readers. This is because we all want better and more rewarding jobs in the pursuit of our respective careers.
I believe it is in this light that we must view the published story under discussion. When, for instance, the story said the CBN will soon retire about 1,000 employees, many will be interested in knowing what becomes of the vacancies to be created by this development. Never mind the fact that the story did not mention the staff strength of the apex bank, which would have helped in giving us an idea as to whether the CBN is overstaffed, understaffed, or even dealing with redundancy.
For others, it may be the amount to be paid to the affected staff that will interest them. Of course, N50bn is not a small amount, until you realise that it is going to be shared among 1,000 people, roughly translating into N50m each.
Sadly, in what could be akin to sympathising with the culprit, rather than the victim, many are unfairly attacking the current CBN Governor Olayemi Cardoso, when it was his predecessor Godwin Emefiele who bastardised the system.
In the nine years he presided over the apex bank, Emefiele employed many staff that the CBN didn’t need. Indeed, Emefiele embarked on questionable recruitments to ingratiate himself with influential people around the last administration. He abandoned due process and merit in his recruitment ‘windfall’. All one needed to be employed by the CBN at the time was a familiar surname. It was even alleged that Emefiele abandoned the results of medical screening and recruited some sons of political office holders despite testing positive to illicit substance use.
It just happened that someone had to deal with the mess. And that responsibility fell on Cardoso who, since coming to office, made his intention clear. He knew it was not going to be a walk in the park. Thankfully, it is being done with a human face. Staff are given the chance to apply voluntarily for Early Exit Package (EPP).
As noted in the story, in addition to the financial incentives, the EEP gives room for “financial planning and entrepreneurial capacity building programme, purchase of laptops in line with the bank’s policy and extended medical care for an additional three months for self and dependants after the expiration of the three-month current provision of access to medical windows care by exited employees.”
Finally, we must understand that we cannot continue to demand for reduction in the cost of governance without tackling issues of redundancy, not just in the CBN but also in all other agencies, especially those considered high paying. All businesses, including media organisations, are today engaged in right-sizing to make them pofitable.
People should not believe the baseless rumours by mischief makers that the vacancies to be created by this exercise will be filled with South-westerners. It is just to blackmail the CBN governor and frustrate him out of righting the wrongs of the past. Same people once alleged plot to relocate the CBN to Lagos, but it turned out to be untrue.
Those introducing ethnic, tribal or regional agenda to government’s actions do not mean well for the country. We must not give them the air they need to continue breathing.
