The Governor of the Central Bank of Nigeria (CBN) Olayemi Cardoso, has clarified that the recent disengagement of 1,000 staff from the bank was entirely voluntary, dismissing any notion that the staff were forced to leave. This clarification came during a resumed investigative hearing by the House of Representatives on the matter.
On December 4, 2024, the CBN announced an early exit package (EEP) designed to restructure and optimize the organization, ensuring improved efficiency. The package, which was introduced to manage the bank’s workforce, was voluntary and did not carry any penalties or repercussions for those opting to participate. This announcement followed widespread reports suggesting that the CBN had forcibly dismissed 1,000 staff members.
During the hearing on Friday, Cardoso, represented by the CBN’s Deputy Director of Corporate Services Bala Bello, reiterated that the program was designed to streamline the bank’s operations and to ensure that its manpower requirements were met. He stressed, “The early exit program of the central bank is 100 percent voluntary. It’s not mandatory. Nobody has been asked to leave, and nobody has been forced to leave.”
Cardoso also reflected on the broader context of the program, stating that similar exercises had been conducted in organizations worldwide, including within Nigeria’s public and private sectors. He emphasized that the restructuring initiative was not unique to the CBN and that such measures were often taken to enhance organizational efficiency.
The CBN governor further addressed the challenges faced by the bank, particularly the stagnation and lack of career progression that some staff experienced. “In the past, you have had cases of stagnation and lack of career progression,” he explained, noting that in a hierarchical organization, it is crucial for employees to have opportunities for upward mobility to avoid creating a “quasi-organisation” with an inverted pyramid structure. He pointed out that many employees who left the bank were seeking new opportunities, with some even planning to establish their own banks.
“This is not the first time, it’s not the second time, it’s not the third time,” Cardoso said, pointing to previous instances in which similar programs were implemented to address career stagnation and provide staff members with the opportunity to explore new ventures. He noted that, for the first time in the bank’s over 60-year history, the early exit program was extended to all staff willing to take part, not just those in senior management positions.
The CBN’s move to offer a voluntary exit package was in response to requests from the bank’s staff who sought a chance to explore new opportunities before reaching an age where they might hesitate to take such risks. Cardoso highlighted that the program was designed to be a supportive option for employees rather than a mandatory policy, and those who chose not to participate remain with the bank.
Usman Kumo, the chairman of the ad-hoc committee set up by the House of Representatives to investigate the disengagement, assured that the investigation would be conducted impartially and fairly for all parties involved.
In conclusion, the CBN reiterated that the staff exit program was not intended to force anyone out but was part of a broader restructuring effort to improve operational efficiency, meet the bank’s manpower requirements, and support employees who wished to pursue new career paths.
