CBN Clarifies Exit of 1,000 Workers, Denies Forced Resignations

Cardoso noted that the program is part of broader restructuring and reorganization efforts, which are common in both private and public sectors globally. He further explained that the initiative aims to maintain an efficient structure in the CBN.

Abuja, Nigeria – The Central Bank of Nigeria (CBN) has reiterated that the exit of 1,000 employees in December 2024 was entirely voluntary, under the Early Exit Program.

The clarification was made by CBN Governor, Olayemi Cardoso, during an investigative hearing held by the House of Representatives’ ad-hoc committee in Abuja on Friday.

The committee is examining the circumstances surrounding the mass departure and the N50 billion severance package allocated to the affected staff.

Represented by the Deputy Director of Corporate Services, Bala Bello, Governor Cardoso emphasized that the Early Exit Program was designed to optimize the bank’s organizational structure and align human resources with operational needs.

“The Early Exit Program is 100 percent voluntary,” Bello stated. “Nobody has been forced or asked to leave. This program was initiated to address issues like stagnation and lack of career progression within the organization while ensuring that roles are appropriately filled.”

Cardoso noted that the program is part of broader restructuring and reorganization efforts, which are common in both private and public sectors globally. He further explained that the initiative aims to maintain an efficient structure in the CBN.

“Organizational pyramids naturally narrow as employees progress to higher levels. Without such initiatives, you risk an inverted pyramid, which is unsustainable,” he said. “For instance, with 30 departments in the CBN, you cannot have 60 directors for 30 departments. That creates stagnation and limits career growth opportunities for others.”

The governor also highlighted past cases of employees facing long periods of career stagnation due to limited vacancies, despite being qualified and willing to progress.

Earlier, the chairman of the ad-hoc committee, Bello Kumo, stressed that the committee’s findings would be submitted to the House of Representatives for further consideration.