₦50bn Severance Explained: CBN Staff Voluntarily Opted for Early Exit, Says Cardoso

Kehinde Fajobi

The Central Bank of Nigeria (CBN) has reiterated that the 1,000 staff members who left the bank in December 2024 did so voluntarily under the Early Exit Programme and were not forced out.

CBN Governor Olayemi Cardoso made this clarification on Friday during an investigative hearing conducted by the House of Representatives ad-hoc committee.

The panel is probing the circumstances surrounding the disengagements and the allocation of a ₦50 billion severance package.

Represented by the Deputy Director of Corporate Services, Bala Bello, Cardoso explained that the Early Exit Programme is part of efforts to optimise the bank’s performance.

He said, “The early exit programme of the CBN is 100 per cent voluntary. It’s not mandatory.

“Nobody has been asked to leave, and nobody has been forced to leave. It’s a completely voluntary programme that has been put in place.”

Bello further explained that the initiative aligns with global trends in digitisation and organisational restructuring.

“The manpower requirement of the bank is actually met. You are very much aware that the entire world is going through a process of digitising its operations.

“And once that is done, a lot of opportunities are created, just like a lot of redundancies are also equally created,” he noted.

Addressing concerns about stagnation and career progression, Bello said the programme provides a solution to organisational challenges, including limited vacancies for advancement.

“In an organisation, you’ve got a pyramid where from each level to the next, the gap keeps narrowing. For example, the Central Bank has 30 departments; you cannot have 60 directors manning 30 departments. It doesn’t work,” he added.

Chairman of the Ad-hoc Committee, Bello Kumo, sought clarification on the objectives of the programme.

“The House of Representatives understands that the CBN is implementing the Restructuring, Reorganising and Early Exit Programme. Can you explain the Early Exit Programme, what you intend to achieve, when it started, and when it will end?” he asked.

Bello assured the committee that the programme is a strategic measure aimed at balancing human resource requirements with operational efficiency, aligning with practices adopted by other organisations worldwide.