The Governor of the Central Bank of Nigeria (CBN) Yemi Cardoso has acknowledged that Nigeria remains in a financial and economic crisis, a situation inherited by the current CBN administration.

Speaking at the 14th Annual Bankers’ Committee Retreat in Abuja, Cardoso explained that the role of the bankers’ committee remains critical towards addressing the challenge as well as reflating the economy.

The CBN boss said that the nation faces challenges in how to address poverty, rising inflation, infrastructure deficits, insecurity, and unemployment, among others.

He called on members of the bankers’ committee to reflect on the past year’s challenges and devise actionable tools to address them effectively.

On his part, the Special Adviser to the President on Economic Affairs Tope Fasua expressed concerns over excess charges by point of sale operators (PoS) while calling on the apex bank as well as deposit money banks to make cash available at all ATM points.

The three-day event brings together key players in the banking sector and has the theme “Contract and Commitment to National Development and Economic Growth”.

United Bank for Africa, through its Corporate Social Responsibility Arm, the UBA Foundation, on Monday, held its annual Garden Light-Up ceremony to kick-start the festive season.

The dazzling ceremony, held at the UBA head office in Lagos, brought together staff, customers, and well-wishers in a heart-warming display of joy, gratitude, and unity.

The Garden Light-Up, an annual tradition, represents UBA and its Foundation’s commitment to spreading cheer and fostering a sense of community during this special time of year.

With festive decorations, brilliant lights, fireworks and lively music, the event serves as a beacon of hope and celebration, setting the tone for the season of giving.

Speaking at the event, UBA’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, emphasised the bank’s dedication towards creating memorable experiences and its appreciation for the efforts of staff and customers throughout the year.


L-R: CEO, UBA America, Sola Yomi Ajayi; Executive Director, Alex Alozie; Group Deputy MD, Chukwuma Nweke; GMD/CEO, Oliver Alawuba; CEO, UBA Africa, Abiola Bawuah; Executive Director, Ugo Nwaghodoh; and Regional Director, East Bank, Chioma Mang, during the Christmas Light Up.

Alawuba reiterated that the annual Lighting ceremony is a symbol of hope for the coming year, the future and all the goodness it will bring into people’s lives.

He said, “As we approach Christmas, a time of love, we remember the spirit of giving and community. I would like to express gratitude to each and every one of you. We are happy and grateful for all your sacrifices and contributions, especially during what has been a difficult year.

“I am particularly grateful to the board of UBA, led by our own Chairman, Tony Elumelu. I would also like to thank the entire executive management team – including Our ED/CEOs from America, and all our management team. We appreciate the work they have done so far.”

Alawuba explained that as the bank celebrates seventy-five years, it will continue to build a heritage that will last “This ceremony is a reflection of our belief in the importance of family, unity, and giving back to the communities we serve.

“Together, we have achieved remarkable milestones, and we look forward to an even brighter future. I therefore encourage each of you: when you go home, touch your neighbour’s life. By spreading kindness and light,” he stated.

The lighting ceremony was well-attended by UBA staff members and customers who were entertained with Christmas carols by the UBA Customer Fulfilment Centre’s choir. It ended with a guided tour around the UBA Foundation gardens on the Lagos Marina and fireworks.

Over the years, the UBA Foundation has been very active in creating sustainable development in its host communities and as part of its corporate social responsibility, the Foundation will be feeding tens of thousands of people across Africa during this festive season.

UBA Foundation, the CSR arm of the UBA Group, is committed to the socio-economic betterment of the communities in which the bank operates, focusing on development in the areas of Education, the Environment, Economic Empowerment and other Special projects.

The Central Bank of Nigeria is reported to be preparing to retire approximately 1,000 employees as part of a strategic workforce realignment.

A severance package worth over N50 billion was said to have been allocated as the payoff for the exercise.

According to an insider, the retirement initiative is driven by the need to streamline operations and reduce staff numbers under the leadership of the apex bank’s Governor, Olayemi Cardoso.

Daily Trust reported on Monday that a circular released three weeks ago by the CBN noted that the application for Early Exit Package (EPP) was open to all cadres of staff and will close by Saturday, December 7.

Exempted are those yet to be confirmed or who have served less than one year “as of the date of publication with the effective date of exit set at 31 December 2024.”

Officials told Daily Trust that the apex bank was targeting the retirement of over 1,000 staff members.

The officials, who spoke on condition of anonymity, were quoted as saying that at least 860 staff from the various departments have already applied for the EPP.

The management described the EEP as a voluntary programme offering eligible employees an incentive to exit the CBN early, “while providing employees seeking other career options a great opportunity for early exit.”

It cautioned that the staffers could not change their minds after applying, saying that all completed and submitted applications are final.

The EEP stated that financial incentives for senior supervisors to deputy managers shall be for the remaining period in service, up to a maximum of 60 months of the current grade’s gross annual emoluments.

It also noted that financial incentives for managers shall be for the remaining period in service, up to a maximum of 36 months of the current grade’s gross annual emoluments.

“Financial incentives for all other cadres of staff shall be for the remaining period in service, up to a maximum of 18 months of current grade gross annual emoluments,” it added.

A staff member, who spoke to the Daily Trust, said, “The way they dated the offer, you’ll know that the target is actually from senior supervisors to deputy managers. If you look at it, they’re mostly those that came in within the nine years of Governor Emefiele.

“For instance, I’ve worked for four years in the bank; the package they’re giving me is between N92 million to N97 million.


“Some others have worked up to a manager level and are only entitled to N64.5 million. So, the more time you have to go, the more money they pay you because you know, for them, you don’t have gratuity”, the staff said.

Another staff member told Daily Trust that during a webinar held on Friday, the Human Resources Department of the bank expressed the apex bank’s decision to get the number it was targeting for the EEP.

“There is serious tension, serious apprehension. You can imagine the atmosphere. It is terrible.

“As of Friday, there were 860 people so far that have indicated interest in the EEP,” the staff member said.

When contacted by Daily Trust for comments on the decision to send about 1,000 staff on early retirement, the CBN’s Director of Corporate Communication, Hakama Sidi Ali, neither answered calls nor replied to a text message sent to her.