The Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, has clarified that the 1,000 staff members who left the bank in December 2024 did so voluntarily under the Early Exit Program and were not coerced into resigning.
Speaking at an investigative hearing by the House of Representatives’ ad-hoc committee on Friday in Abuja, Cardoso, represented by the Deputy Director of Corporate Service, Bala Bello, emphasized that the exit program was designed to optimize the bank’s performance and workforce efficiency.
“The Early Exit Program, restructuring, and reorganization are mechanisms to ensure the right talents are positioned in suitable roles,” Bello explained. “The program is 100 percent voluntary. No one was forced to leave; it was entirely their decision, with full benefits provided.”
Cardoso noted that similar workforce restructuring initiatives are common globally in both private and public sectors. He highlighted that career stagnation and lack of progression in hierarchical organizations often necessitate such measures.
“In an organization structured like a pyramid, opportunities at higher levels are limited as positions narrow at the top. For instance, with 30 departments at the CBN, it is impractical to have 60 directors. Once vacancies are filled, qualified individuals may face stagnation due to a lack of available positions,” he explained.
The Governor added that the program addressed these challenges while ensuring fairness and adherence to organizational goals.
Chairman of the investigative committee, Bello Kumo, reaffirmed the committee’s role in examining the circumstances surrounding the exits and reporting its findings to the House of Representatives.
The voluntary exit program, which included a severance package of N50 billion, has drawn public interest, but the CBN maintains that it was a strategic move aimed at fostering efficiency and sustainability within the institution.
