The Central Bank of Nigeria (CBN) has addressed concerns regarding the voluntary exit of 1,000 staff members in December 2024, emphasizing that no employee was forced to leave. During an investigative hearing held by the House of Representatives’ ad-hoc committee, CBN Governor, Olayemi Cardoso, clarified that the workers participated in the Early Exit Program, which offered full benefits.
Represented by the Deputy Director of Corporate Services, Bala Bello, Cardoso explained that the program was part of the bank’s restructuring efforts to optimize performance by ensuring the right people are in the right roles. He stressed that the decision to leave was entirely voluntary and no one was compelled to resign.
Cardoso further mentioned that similar restructuring exercises are being carried out by organizations both in Nigeria and globally, in both the public and private sectors. He noted that such initiatives are necessary to address issues like stagnation and career progression challenges within large organizations, ensuring a more effective and efficient workforce.
The CBN governor also highlighted that the restructuring process is essential to meet the bank’s manpower requirements while avoiding an unsustainable organizational structure. He pointed out that in some cases, highly qualified staff could find themselves stagnated due to a lack of vacancies, which led to the implementation of the voluntary exit program.
The committee, led by Chairman Bello Kumo, will now proceed to compile a report on the findings and submit it to the House of Representatives.
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