The Central Bank of Nigeria (CBN) has clarified that the 1,000 employees who left their positions in December 2024 did so voluntarily, not under any compulsion.

CBN Governor Olayemi Cardoso provided this clarification on Friday in Abuja during an investigation session by the House of Representatives ad-hoc committee, which was looking into the reasons for the staff departures and the process used to determine the N50 billion severance payment.

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Disengaged staff resigned through the Early Exit Program 

The disengaged employees participated in the voluntary Early Exit Program, which offered full benefits for those who chose to resign.

Bala Bello, Deputy Director, Corporate Service of the CBN clarified, speaking on behalf of Cardoso. “The Early Exit Program, Restructuring and Re-organization “are basically ways and means through which the performance of an organization is optimised by ensuring that round pegs are put in right holes. The manpower requirement of the bank is met.”

He continued, “I’m very happy to mention that the early exit program of the CBN is 100 per cent voluntary. It’s not mandatory. Nobody has been asked to leave, and nobody has been forced to leave. It’s a completely voluntary programme that has been put in place.”

Exercise not limited to government agencies 

Bello also pointed out that such restructuring efforts are not unique to government organizations, noting that similar exercises are being carried out by both private and public sector organisations globally.

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“I believe several organisations across the world, and even within this country, both in terms of the private sector and the public sector, are undertaking similar exercises.”

Governor Cardoso elaborated on the rationale behind the exercise, explaining that over time, stagnation and lack of career progression could occur within organisations. In the case of CBN, he highlighted that a narrowing of the organisational pyramid, with too many individuals at the same level, could create challenges. He stressed that while employees may be qualified and willing, they could face stagnation when there are no vacancies at higher levels.

The committee, led by Chairman Bello Kumo, is expected to present its findings to the House of Representatives.

He said, “In the past, we had instances in which cases of stagnation and lack of career progression appear. In an organisation, you’ve got a pyramid where from each level to the next level, the gap keeps narrowing. If not, you are going to have a quasi-organisation, an inverted pyramid.”