The Central Bank of Nigeria has reaffirmed that the 1,000 staff members who disengaged from the bank in December 2024 did so voluntarily under an Early Exit Program and were not forced to leave.
CBN Governor, Olayemi Cardoso, made this clarification on Friday during an investigative hearing held by the House of Representatives’ ad-hoc committee probing the circumstances surrounding the staff exit and the N50bn severance package allocated to the affected employees.
Represented by Bala Bello, the bank’s Deputy Director of Corporate Service, Cardoso explained that the Early Exit Program was a voluntary restructuring and reorganization initiative aimed at optimizing the bank’s performance.
“The Early Exit Program, Restructuring, and Reorganization are basically ways and means through which the performance of an organization is optimized by ensuring that round pegs are put in round holes and the manpower requirement of the bank is met,” Bello said.
Bello further emphasized that no staff member was compelled to leave the organization.
“I’m very happy to mention that the Early Exit Program of the CBN is 100 percent voluntary. It’s not mandatory. Nobody has been asked to leave, and nobody has been forced to leave. It’s a completely voluntary program,” he stated.
He noted that similar restructuring exercises were being conducted in other organizations both within Nigeria and globally.
Bello highlighted that the restructuring process was necessary to address career stagnation within the CBN.
“In the past, we had instances where cases of stagnation and lack of career progression occurred. In an organization, you’ve got a pyramid structure where the gap between levels keeps narrowing as you rise through the ranks,” he explained.
He noted that it was unsustainable
to have more directors than departments in the bank.
“The Central Bank has 30 departments. You cannot have 60 directors manning 30 departments. It’s not going to work,” he added.
Bello explained that in such situations, qualified individuals often face stagnation due to a lack of available vacancies at higher levels.
“Even though they are qualified, able, and willing to move up the career ladder, the vacancies are simply not there. That leads to career stagnation,” he said.
Earlier, the Chairman of the House Committee, Bello Kumo, noted that the committee’s mandate
was to investigate the circumstances surrounding the disengagements and submit a comprehensive report to the House of Representatives for further deliberation.
The committee will also review the N50bn severance package to ensure transparency and fairness in the process.
