By Abigail Philip David
The Central Bank of Nigeria (CBN) has clarified that the 1,000 staff members who left the bank in December 2024 did so voluntarily under the Early Exit Program, dismissing claims that they were forced out.
CBN Governor Olayemi Cardoso made this statement on Friday in Abuja during an investigative hearing held by the House of Representatives’ ad-hoc committee. The committee is examining the circumstances surrounding the employees’ departure and the N50 billion severance package allocated for them.
Represented by Bala Bello, Deputy Director of Corporate Services, Cardoso explained:
“The Early Exit Program, restructuring, and reorganization are strategies aimed at optimizing the performance of the organization by ensuring that the right talent is aligned with the bank’s manpower requirements.”
Voluntary Exit Program
Cardoso emphasized that the program was entirely voluntary, stating:
“It is important to note that the Early Exit Program is 100% voluntary. No staff member was asked or forced to leave. It is a completely optional program designed to offer staff members an honorable exit with full benefits.”
He further highlighted that similar exercises are common in both private and public sectors globally, aimed at addressing organizational needs.
Addressing Career Stagnation
Cardoso explained that one of the program’s goals was to resolve issues of career stagnation within the bank:
“In any organization, there is a pyramid structure where opportunities narrow as one moves upward. Without addressing this, you could end up with an inverted pyramid, which is unsustainable. For instance, the CBN has 30 departments; it’s impractical to have 60 directors overseeing them.”
He added that stagnation occurs when vacancies are unavailable despite employees being qualified and capable.
Committee’s Role
The chairman of the ad-hoc committee, Bello Kumo, acknowledged the importance of the investigation and stated that the committee’s primary task is to submit its findings to the House of Representatives.
The CBN’s explanation underscores its commitment to ensuring that the restructuring process is transparent and aimed at enhancing organizational efficiency while respecting the rights and contributions of its employees.
