The Central Bank of Nigeria (CBN) has clarified that the 1,000 staff members who left the bank in December 2024 did so voluntarily as part of its Early Exit Programme, refuting claims that they were forced to quit.
CBN Governor, Olayemi Cardoso made the statement during an investigative hearing by the House of Representatives ad-hoc committee on Friday in Abuja.
Cardoso, represented by Deputy Director of Corporate Services, Bala Bello, explained that the exit was part of the bank’s restructuring and reorganisation efforts.
“The Early Exit Programme, Restructuring, and Re-organisation are basically ways and means through which the performance of an organisation is optimised,” he said.
He emphasised that the move was designed to balance human resources with the bank’s evolving needs, particularly as the financial sector increasingly embraces digitisation.
“The process is 100% voluntary,” Cardoso added. “Nobody has been forced to leave, and no one has been asked to quit. It’s completely voluntary.”
Bello further explained that the programme allows for the optimisation of the bank’s workforce by eliminating redundancies and addressing stagnation in career progression.
“In an organisation, you have a pyramid structure. If the gaps between levels narrow, it creates stagnation,” he said, noting that highly qualified employees might face career stagnation when vacancies are filled.
The Chairman of the ad-hoc committee, Bello Kumo, expressed the committee’s intention to assess the programme and its objectives. “We understand that CBN is implementing the restructuring, reorganising, and the Early Exit Program, but we need clarity on its goals,” Kumo stated.
While the programme continues, CBN assured that the severance package for affected employees, totaling N50 billion, aligns with the bank’s commitment to employee welfare.
