Olayemi Cardoso, The Governor of the Central Bank of Nigeria (CBN), has clarified that the 1,000 staff members who recently left the apex bank did so voluntarily and were not forced to resign.
Cardoso made this statement on Friday, January 3, during the House of Representatives investigative hearing regarding the disengagement of the workers. He was represented by Bala Bello, the CBN’s Deputy Director of Corporate Services.
Cardoso explained that the Early Exit Package (EEP) introduced by the CBN was entirely voluntary, in line with both global and local practices aimed at optimizing workforce performance.
“The program is designed to ensure that the right people are in the right roles, which is a key aspect of organizational performance,” Cardoso said.
He added, “I’m pleased to inform Mr. Chairman and the committee that the central bank’s early exit program is 100 percent voluntary. No one has been asked or forced to leave. It’s a completely voluntary initiative.”
The CBN Governor further pointed out that such workforce optimization practices are common in both public and private sectors, stating, “Many organizations worldwide, including within Nigeria, undertake similar exercises. So, no one has been compelled to leave.”
Cardoso also addressed systemic challenges at the CBN, including career stagnation, which affected staff morale and growth.
“In the past, there were instances of career stagnation, where the gap between levels became too narrow. Without addressing this, an organization risks becoming top-heavy,” he explained.
He clarified that this was not the first time such restructuring had occurred at the CBN, noting, “Similar exercises have been carried out in the central bank multiple times before. This is not the first, second, or third time. It has happened on several occasions.”
Cardoso emphasized that the program was introduced in response to staff requests, especially from those who felt their career progression was limited.
“For the first time in over 60 years, the early exit program was extended to all staff willing to participate, following requests from the staff themselves. It’s not compulsory, and there’s no coercion or intimidation involved,” he said.
He also mentioned that some of the staff members who exited the bank were planning to start their own entrepreneurial ventures, adding, “Among those who left, a few are looking to establish a bank. Those who opted for the package left, and those who didn’t, remained.”
Usman Kumo, Chairman of the House ad-hoc committee investigating the issue, assured that the review process would be fair and transparent for all parties involved.
