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CBN Earmarks N50bn For Early Exit Package Of 1,000 Employees

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The overhauling of the human capital at the Central Bank of Nigeria (CBN) has taken a new turn, with the sum of N50 billion earmarked for the Early Exit Package (EPP) of about 1,000 employees this December.

This was detailed in a circular issued three weeks ago by the CBN, in which it called for applications for EPP from certain classes of employees.

The offer would close close by Saturday, December 7, Biztellers reports.

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The move is seen as part of a strategic realignment of the CBN’s workforce, by the Board of Governors, led by Olayemi Cardoso, who already expressed commitment to reviewing the workforce.

According to the circular, the class of employees 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, 20, 2024”.

This effectively excludes those hired for and by the President Bola Ahmed Tinubu administration, under the Cardoso governorship.

Recall that the apex bank has been undergoing a strategic refit in critical areas, including operational bases and human capital.

Probably as part of moves to take firm control, the CBN in the last 10 months, had disengaged many employees, including 17 directors, who served under the immediate past governor, Godwin Emefiele.

Speculations are that the next phase would be to replace the 17 directors after pruning the workforce.

Discreet findings show that as many as 860 staff from the various departments have already applied for the EPP.

According to the apex bank’s management, the EEP is 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 it would not entertain a rethink from workers who formally moved to take advantage of the EPP, and make it clear 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 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 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.

Also the EEP also made provisions for non-financial incentives, including “financial planning and entrepreneurial capacity building programme, purchase of laptops in line with the Bank’s current policy and extended medical care for an additional three months for self and dependents after the expiration of the three-month current provision of access to medical windows care by exited employees.”

It was gathered that those grabbing the offer with two hands are those believed to have been brought in by embattled former CBN governor, Emefiele.

This set of workers already know that the new regime holds their loyalty in doubt and would axe them for the flimsiest of excuses.

What makes it a win-win for the Cardoso leadership is that it presents a peaceful exit for those who can constitute moles, while also offering vacancies to be filled by allies.

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‘Not Off the Table’ — FG Threatens Retaliation Against South Africa Over Xenophobic Attacks on Nigerians

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The Federal Government has warned that retaliatory measures against South African interests in Nigeria remain under consideration following the recent wave of xenophobic attacks targeting Nigerians and other foreign nationals in South Africa.

Minister of Foreign Affairs, Bianca Ojukwu, expressed the government’s frustration on Monday, accusing South African authorities of failing to adequately protect Nigerians from harassment, intimidation, and attacks.

Speaking to State House correspondents in Abuja, Ojukwu rejected claims that most Nigerians affected by the violence were undocumented migrants, insisting that many of them are law-abiding residents engaged in legitimate businesses.

“To say that Nigerians who are in South Africa doing legitimate business are illegal migrants is absolutely untrue,” she said.

The minister noted that Nigerians were unhappy with the treatment being meted out to them despite Nigeria’s historic support for South Africa during the struggle against apartheid.

SEE ALSO: Atiku Knocks FG’s ‘Sluggish’ Handling of South Africa Xenophobic Violence

“Nigeria is not happy because Nigeria sacrificed much for the South African struggle for independence. Nigeria committed funds and resources to aid South Africa. My generation demonstrated and protested in support of South Africa. Nigerians are not happy about how they have been treated,” Ojukwu stated.

When asked whether Nigeria could impose restrictions on South Africans living or doing business in the country, the minister said such measures had not been ruled out.

“That is a situation we are considering. This is a decision that has to be taken at the highest level of government, but it is not off the table,” she said.

Meanwhile, the Federal Government has activated a crisis response mechanism through the Nigerian Mission in Pretoria and the Nigerian Consulate in Johannesburg to assist citizens affected by the attacks.

Ojukwu disclosed that President Bola Tinubu had directed relevant agencies to ensure the safe evacuation of Nigerians willing to return home.

According to her, the number of citizens seeking repatriation continues to rise as the situation worsens in parts of South Africa.

She explained that both Nigerian and South African authorities were carrying out screening and documentation processes to facilitate the return of affected citizens.

The minister also assured that returnees would receive support upon arrival in Nigeria through collaboration with the National Emergency Management Agency (NEMA) and other government agencies.

In a related development, the Ministry of Foreign Affairs announced the postponement of the planned evacuation of 270 Nigerians from South Africa, citing unforeseen logistical challenges.

The ministry’s spokesperson, Kimiebi Ebienfa, said the flight, originally scheduled to depart Johannesburg on Monday, had been rescheduled for Wednesday to allow authorities complete necessary arrangements.

Ebienfa disclosed that more than 1,000 Nigerians had already been screened and cleared for possible evacuation.

He also clarified that, unlike previous evacuation exercises, the Federal Government would fully fund the operation and would not depend on donations from private individuals.

“The Nigerian government will not wait for philanthropists to donate their planes before doing what it is supposed to do and evacuate its citizens facing trouble anywhere in the world,” he said.

The latest developments came after South African President Cyril Ramaphosa addressed the nation on the growing anti-migrant tensions, condemning attacks on foreign nationals while promising stricter enforcement of immigration laws.

Ramaphosa urged citizens to reject violence and resolve concerns through lawful means.

“We must end illegal migration and secure our communities. However, we must overcome these challenges through peace and love, not through fear, anger or violence,” he said.

The Federal Government has reiterated its commitment to protecting Nigerians abroad and ensuring the safe return of those affected by the ongoing crisis.

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Agip Retirees Lament over 17 Years Outstanding Pension after Oando Takeover 

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Leaf Investment Emerges Substantial Investor in Oando

Former staff members of the Nigerian Agip Oil Company (Oando Energy Resources Nigeria Limited), have staged a peaceful protest demanding payment of their pension salary, which has not been paid in the last 17 years.

The senior citizens, who protested under the platform, Agip Oil Company Pensioners Association of Nigeria (AOCPAN), accused the management of the company of unilaterally stopping the payment without any reason. The retirees, who brandished placards with different inscriptions, lamented that their members were dying in numbers because of hardship and inability to meet their daily needs.

They condemned the inhumanity of Oando’s management towards the vulnerable retirees, stressing that the company has blocked its gate concerning any issues about the retirees.

Some of their demands are: “Oando management is strategically out to exterminate the retirees through zero welfare support for the retirees.

“Oando bought the assets and liabilities of Agip; but, has trickishly taken the assets and abandoned the major liabilities – the retirees of Agip that bought.”

Chairman of the group, Engr. Elder Paul Sito, who addresses newsmen at the front of the company in Port Harcourt, Rivers State, yesterday, alleged spouses of late retirees were denied access to medical services which are supposed to be for lifetime.

According to Elder Paul, the management of the company does not have a welfare plan for the retirees, adding that senior citizens have been abandoned without any economic and welfare support.

ALSO READ: Loss of 5 Rigs Threaten Govt’s Revenue

Speaking further, the chairman claimed that the management has refused to follow the steps of other companies concerning retirees’ welfare.

He said: “The reasons for the protest are many; we were retirees of Agip Oil Company and as a retiree, there is a pension act concerning retirees. There are welfare and pension monthly payments for these retirees. We received this pension welfare or pension salary for years until it stopped in 2009.

“Management unilaterally stopped it. We don’t even know why, they gave us reasons that are not obtainable in the world, the reason is that because a new management came, they were looking for documents to show that the payment they have been doing should continue (a payment that they were making should continue, they are looking for a document to approve that payment) and because they didn’t see it they stopped unilaterally?”

Paul explained further: “And the association picked it up, when the association was so new and its major focus was on increase in minimum wage, which they continued with the management.

And at that time, we never had what we now call (HIPAN) Hydrocarbon Industry Pensioners Association of Nigeria – the gathering of all the five companies’ retirement representatives.

“They meet and check their books to see who is doing less and who is doing more, so that those who are doing less will go back to their management and inform them appropriately like it has always been done when we were in service and that continued until 2009 when they stopped it.

“Up till today, we have never gotten a dime. In 2023, we came out like this and they gave us 1% or less; in 2024, we also came out, they gave us another half of 1%; and now, they have cut short the welfare for our deceased spouses which was supposed to be for life, they have cut it short to two years.”

The chairman emphasized: “We are asking them to reinstate it. It is for life, every other IOC (International Oil Company) is serving for life. “We are saying whatever the retirees of each of these companies get during negotiations should be applied to the retirees in Oando.”

He lamented: “All this while, we have been suffering, we have written letters to them telling them that we want to meet so that we can give them our charter of demand; we did that last year July. they replied that okay, they have heard from us officially, that they’ll go and look for it, they went and kept looking at it for months. When our letters will not be replied anymore.

“We planned to come out and they heard of it and they immediately called us for a meeting. We went and they still promised us and up till now, they brought nothing. The other oil companies are increasing pensioners salaries every year, but here, it’s a different story.”

One of the retirees, who simply gave her name as Mrs. Regina, lamented that the stipend they receive from the company is of no value to the current economic condition in the country.

High Chief Oluwa Oluwaneye said: “You can see me, I was not like this, I was a good player and a good wrestler and now what God gave to me to satisfy my family, I can’t provide it again because of the condition.

“I entered this Agip in 1955. He (owner of Oando) said he is fit to buy the company; he should know that the people who worked in the company and gave him the power to come and buy, he should empower them.”

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Loss of 5 Rigs Threaten Govt’s Revenue

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A sharp decline in oil drilling activities which has led to the loss of five active rigs within a month might be threatening Nigeria’s revenue outlook.

According to a report by the African Energy Council (AEC), the slump in Nigeria’s rig count has raised concerns over future crude production, government earnings and fiscal stability.

The report revealed that Nigeria’s active rig count dropped from 17 in March to 12 in April 2026, representing a decline of nearly 30 per cent in just one month and signalling weakening upstream investment and exploration activities.

Rig count, a key indicator of oil and gas exploration and production activities, measures the number of drilling rigs actively operating within a country or region.

Industry experts often regard it as a leading indicator of future production levels. The development comes at a time when Nigeria is struggling to meet its crude oil production targets and relies heavily on petroleum earnings to finance government expenditure.

ALSO READ: Dangote Named Africa’s Most Admired Brand for 8th Consecutive Year

According to the report, the decline in rig activity poses a direct threat to the Federal Government’s 2026 budget benchmark of 1.84 million barrels per day (bpd), especially as actual production stood at about 1.48 million bpd in April 2026.

The AEC noted that while the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) reported 31 active rigs during the period, the Organisation of Petroleum Exporting Countries (OPEC) placed the figure at 12.

It explained that the discrepancy likely reflects differences in counting methodologies, including whether rigs on standby are classified as active.

Despite the differing figures, the Council stressed that both data sets point to a downward trend in drilling activity.

The think tank warned that with only 12 active rigs operating in April, Nigeria’s future production capacity is under severe threat unless urgent measures are taken to reverse the decline.

It further observed that the country’s rig count had already fallen from 15 in 2024 to 13 in 2025, indicating that several potential barrels that should have contributed to current production were never drilled.

“AEC views Nigeria’s upstream retreat with serious concern. A 41.7 per cent single-month rig count collapse, compounding revenue losses exceeding $3.1 billion, and a widening gap between NNPC’s 2030 ambitions and ground-level drilling activity signal a sector in structural distress rather than a cyclical downturn,” the report stated.

While Africa drills forward, Nigeria drills back. Without urgent policy action, Nigeria risks permanently ceding both its relevance within OPEC and its opportunity to monetise reserves before the global energy transition narrows that window.

The warning comes against the backdrop of mounting fiscal pressures. Oil revenues account for roughly 60 per cent of government earnings, meaning lower production could translate into wider budget deficits and increased borrowing.

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