The Central Bank of Nigeria (CBN) has reaffirmed that the 1,000 staff members who left the institution in December 2024 did so voluntarily under the bank’s Early Exit Program, denying any allegations of forced resignation.
CBN Governor Olayemi Cardoso made the clarification on Friday in Abuja during an investigative hearing by the House of Representatives’ ad-hoc committee. The committee is probing the circumstances of the exits and the N50 billion severance package allocated for the affected employees.
Represented by Bala Bello, the Deputy Director of Corporate Services, Cardoso emphasized the voluntary nature of the program, explaining that it was part of a broader organizational restructuring to optimize performance.
“The Early Exit Program is 100 per cent voluntary. Nobody has been asked or forced to leave,” Bello stated. “It is a strategy to ensure manpower optimization and place the right individuals in the right roles to meet the bank’s needs.”
Bello also noted that the initiative addresses career stagnation, stating, “In any organization, opportunities for progression narrow as you climb higher. Without creating space, some qualified staff may face stagnation due to limited vacancies.”
He added that similar programs are common in both the public and private sectors globally.
The chairman of the committee, Bello Kumo, reiterated that the panel’s role is to review the process and submit its findings to the House for deliberation.
The hearing underscores the growing scrutiny of organizational reforms within government institutions as stakeholders seek transparency in personnel management and fiscal accountability.
