A review of the Central Bank of Nigeria’s financial statement for the year ended December 2024 has shown that the personnel cost incurred by the apex bank grew by N313billion.
This growth occurred between the 2023 and 2024 financial years.
In 2023, the personnel cost stood at N295.3 billion but grew to N608.5billion by the end of the 2024 fiscal year.
The breakdown shows that other staff expenses grew from N37.7 billion in 2023 to N306.6 billion in 2024. Further review indicates that other staff allowances increased from N168.6 billion in 2023 to N191.9 billion in 2024.
Defined benefit plan expenses rose from N24.5 billion in 2023 to N36.5 billion in 2024. Wages and salaries increased from N47 billion to N55.6 billion. Pension costs (Defined Contribution Plan) also rose slightly from N17.3 billion to N17.7 billion.
According to the document, included in other staff expenses are early exit payments made during the year 2024.
The CBN’s statement on “early exit payments” comes amid a controversial staff layoff in 2024.
SaharaReporters earlier reported that the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, said that the 1000 staff members who left the institution in December 2024 did so voluntarily and were not forced to resign.
Cardoso made the clarification during an investigative hearing by the House of Representatives ad-hoc committee, which is probing the reasons behind the staff exits and the N50 billion severance package offered to those affected.
SaharaReporters in January reported that some aggrieved staff members of the Central Bank of Nigeria dragged the apex bank before the National Industrial Court.
The aggrieved staff were among those laid off by the CBN in its recent mass layoff.
In an originating summons filed on July 4, 2024, under the NICN Civil Procedure Rules 2017, the aggrieved staff members raised several questions for determination.
The ex-CBN staff members, among other claims, are asking the court to determine whether they were denied their constitutional right to a fair hearing before and after their appointments were terminated.
They also allege that the CBN violated internal policies, Nigerian labour laws, and their contractual rights.
According to them, the termination letters—issued based on restructuring—were arbitrary, illegal, and unconstitutional.
They prayed that their dismissal be declared null and void.
The claimants are: Stephen Gana, Kabiru Idris, Benedict Agbo, Peter Adeyemi, John Yisa, Eleanor Ihua, Stephen Ambore, Edom Obi, Dabo Chundung, Ekpe-Oko Roupa, Alabi Mubarak, Isa Yusuf, Quadru Ralph, Olasupo Adedokun, Dauda Yusuf, Ogidi Tolu, Levi David, Umar Kurba, Christopher Alfred, Gana Nma, Tanko Joel, Iyare Christian, Paul Iza, Alzebeokhai Esiemokhai, Pius Odunze, Isiuwe Uwadiahu, Vivienne Usoro, Imoh Francis, Ofili Lydia, Onunkwor Christopher, Adeshina Nurudeen, Bukar Ahmed, and Ajayi Omosolape.