The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has affirmed that the recent departure of 1,000 staff members from the apex bank was entirely voluntary and not a result of coercion. This clarification was made during a House of Representatives investigative hearing on Friday, January 3, regarding the disengagement of workers.
Represented by Bala Bello, the Deputy Director of Corporate Services at the CBN, Cardoso explained that the Early Exit Package (EEP) initiative introduced by the bank was designed to optimize its workforce while aligning with global best practices.
Cardoso stressed that the EEP was a non-compulsory program, allowing staff to make their own decisions about participation.
“I am very happy to inform Mr. Chairman and members of the committee that the early exit program of the Central Bank is 100 percent voluntary. It’s not mandatory. Nobody has been asked or forced to leave,” he stated.
The governor explained that the initiative was in line with global organizational standards, aimed at ensuring optimal performance by placing “round pegs in round holes.” He noted that similar practices are common across both public and private sectors worldwide.
Cardoso highlighted systemic challenges within the bank that had previously hindered career progression, including stagnation due to the hierarchical nature of the organization.
“In any organization, you have a pyramid structure where opportunities to advance become narrower at the top. Without appropriate measures, you risk creating an inverted pyramid, which is unsustainable,” he explained.
He further revealed that the early exit program was introduced in response to demands from staff members who felt constrained by limited career growth opportunities.
“For the first time in over 60 years of the bank’s history, the early exit program was extended to everyone willing to participate. It was initiated at the request of the staff and was entirely voluntary. No one was coerced or intimidated into taking the package,” he reiterated.
Cardoso also noted that some of the staff who opted for the EEP had entrepreneurial aspirations.
“Among those who left, several are planning to establish businesses, including three or four individuals who are working on setting up a new bank. Those who wanted the package took it, and those who didn’t are still with the bank,” he added.
The CBN governor emphasized that workforce restructuring is not new to the institution, stating that similar exercises had occurred multiple times in the past.
“This is not the first time, nor the second, nor the third. Such programs have been implemented several times to ensure the institution remains dynamic and responsive to its challenges,” he said.
The chairman of the House ad-hoc committee investigating the matter, Usman Kumo, assured stakeholders of a transparent review process, emphasizing the committee’s commitment to fairness in addressing concerns raised.
The CBN’s clarification seeks to quell public speculation and underscore the voluntary nature of the program, which has drawn attention for its scale and implications for the apex bank’s operational dynamics.
