The Central Bank of Nigeria (CBN) has reiterated that the departure of 1,000 staff members in December 2024 was entirely voluntary. Governor Olayemi Cardoso made this clarification at an investigative hearing of the House of Representatives ad-hoc committee.
According to Cardoso, the affected staff opted for the voluntary Early Exit Programme, which provides full benefits. This programme is part of the bank’s restructuring and reorganisation efforts aimed at optimising performance.
The CBN governor explained that the programme is designed to ensure that the right personnel are in the right positions, meeting the bank’s manpower requirements. He also noted that the exercise is not unique to the CBN, as many organisations worldwide are undertaking similar restructuring efforts.
Cardoso emphasised that the Early Exit Programme is 100% voluntary, with no staff members forced to leave. The programme’s objectives and timeline were also discussed during the hearing.
The House of Representatives ad-hoc committee is investigating the circumstances surrounding the staff exit and the N50 billion severance package. The committee’s chairman, Bello Kumo, requested clarification on the programme’s objectives, timeline, and connection to the bank’s restructuring efforts.
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