The 1000 employees that departed the Central Bank of Nigeria (CBN) in December 2024 did so willingly and were not coerced into leaving, according to Governor Olayemi Cardoso.
Cardoso explained on Friday during a House of Representatives ad hoc committee investigative hearing that is looking into the reasons behind the staff departures and the N50 billion severance payout provided to those impacted.
The head of the top bank, Bala Bello, Deputy Director of Corporate Services, spoke on behalf of the impacted employees, who chose to depart via the voluntary Early Exit Program, which came with full benefits. He explained that the Early Exit Program and the bank’s reorganization and restructuring initiatives are tools to maximize organizational performance by placing the right people in the right roles. According to him, this helps the bank combine its capital, IT, and talent requirements with its workforce needs. In the past, he said, employees had freely left the bank. “As the world continues to digitise, it creates both opportunities and redundancies,” he said.
Cardoso emphasized that no employee is coerced or required to leave the CBN’s Early Exit Program; it is completely voluntary. He further noted that comparable exercises are taking place in both the public and commercial sectors around the world, demonstrating that such programs are not exclusive to the CBN.
Furthering, Bello went on to say that the organization’s stagnation and lack of professional advancement are the goals of the restructuring. He clarified that when positions are filled, employees could get to a point where, despite their qualifications, they are stuck since there aren’t many prospects for growth.
BrandSpur banking and finance news report that Bello Kumo, the Ad-hoc Committee’s chairman, had previously emphasized that the committee’s responsibility is to report to the House.
