The Central Bank of Nigeria (CBN) has reiterated that the 1,000 employees who opted out of service in December 2024 did so voluntarily, without any coercion.
CBN Governor Olayemi Cardoso made this declaration during an investigative hearing held on Friday in Abuja. The House of Representatives’ ad-hoc committee is looking into the reasons behind the staff exits and the calculation of a N50 billion severance package for those affected.
Governor Cardoso emphasized that the employees chose to participate in the voluntary Early Exit Program, which includes the provision of full benefits. “The Early Exit Program, along with Restructuring and Re-organization, are strategies designed to enhance organizational performance by aligning roles more effectively,” he noted.
Represented by Bala Bello, Deputy Director of Corporate Services at CBN, Cardoso stressed, “The Early Exit Program is completely voluntary. No one was compelled to leave their position.”
He highlighted that such initiatives are not exclusive to the CBN, indicating that various organizations, both public and private, are engaging in similar programs in Nigeria and globally.
Cardoso expressed concerns about instances of stagnation and lack of career advancement within the organization. “In any organization, a pyramid structure should exist, where opportunities for advancement become progressively narrower. It’s unsustainable for a system to have an excessive number of directors for the available departments, leading to career stagnation,” he stated.
The chair of the committee, Bello Kumo, confirmed that their role involves preparing a report to present to the House.
