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Olayemi Cardoso, has said that the 1000 staff members who left the institution in December 2024 did so voluntarily.
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He made the clarification on Friday during an investigative hearing by the House of Representatives ad-hoc committee
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He described the Early Exit Programme, alongside the bank’s restructuring and reorganisation efforts.
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has said that the 1000 staff members who left the institution in December 2024 did so voluntarily and were not forced to resign.
Cardoso made the clarification on Friday during an investigative hearing by the House of Representatives ad-hoc committee, which is probing the reasons behind the staff exits and the N50 billion severance package offered to those affected.
The apex bank boss, represented by Bala Bello, Deputy Director of Corporate Services, further explained that the affected staff opted to leave through the voluntary Early Exit Programme, which included full benefits.
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He described the Early Exit Programme, alongside the bank’s restructuring and reorganisation efforts, as mechanisms to optimise organisational performance by ensuring the right individuals are in the right positions.
This, he said, helps balance the bank’s manpower needs with its capital, skills, and IT requirements.
“As the world continues to digitise, it creates both opportunities and redundancies,” he stated, noting that, in previous instances, staff had voluntarily chosen to exit the bank.
Cardoso emphasised that the CBN’s Early Exit Programme is entirely voluntary, with no staff member being forced or mandated to leave.
The Governor also pointed out that such programmes are not unique to the CBN, citing that similar exercises are happening worldwide, in both the private and public sectors.
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Bello further added that the restructuring aims to address stagnation and lack of career progression within the organisation.
He explained that, as vacancies are filled, staff may reach a point where, despite their qualifications, they face stagnation due to limited opportunities for advancement.
CBN Under Fire Over N2.7tn Interest Payments
The Central Bank of Nigeria has come under scrutiny after the Federal Government accused it of misappropriating N2.73 trillion in interest payments on Ways and Means advances.
According to the 2021 consolidated financial statement of the Federal Government, the CBN retained the interest charges, allegedly using the funds “for its sole benefit” instead of remitting them to the Consolidated Revenue Fund.
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