Exit of 1,000 staff from CBN was 100% voluntary - CARDOSO

Saturday, January 4, 2025 - The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has stated that the 1,000 staff who recently left the apex bank were not forced to resign.

Cardoso made the clarification on Friday, January 3, during the House of Representatives investigative hearing on the disengagement of the workers. He was represented by Bala Bello, CBN’s Deputy Director of Corporate Services.

Cardoso emphasized that the early exit package (EEP) introduced by the CBN was entirely voluntary, aligning with global and local organizational practices for workforce optimization.

“They are basically ways and means through which the performance of an organisation is optimised by ensuring that round pegs are put in the right holes,” Cardoso explained.

“I’m very happy to mention, Mr. Chairman and members of the committee, that the early exit program of the central bank is 100 percent 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.”

The CBN governor also noted that such practices were standard across both public and private sectors, adding, “Several organisations across the world, and even within this country, undertake similar exercises. So nobody has been asked to leave.”

Cardoso highlighted systemic challenges that previously affected staff morale and growth at the apex bank, including career stagnation.

“In the past, you have had cases of stagnation and lack of career progression. In an organisation, you’ve got a pyramid where from each level to the next level, the gap keeps narrowing. If not, you are going to have a quasi-organisation, an inverted pyramid,” he explained.

He further noted that this was not the first time such restructuring had occurred at the CBN, saying, “There are several instances in which similar exercises took place in the central bank. This is not the first time. It’s not the second time. It’s not the third time. It has happened several times.”

Cardoso reiterated that the early exit program was introduced in response to staff demands, particularly from those who felt career progression was limited.

“For the first time in over 60 years of the bank’s history, the early exit program was extended to everyone willing to participate. And this came at the instance of the staff. So it’s not mandatory, it’s not compulsory, there’s no coercion, there’s no forceful exit, and there’s no intimidation for anybody to take it,” he affirmed.

Cardoso also mentioned that some of the exited staff were planning entrepreneurial ventures, stating, “Among the people that have left, there are, like, three or four people who are going to set up a bank. Those who wanted to take the package took it, and those who didn’t remain in the bank.” 

Chairman of the House ad-hoc committee investigating the issue, Usman Kumo, assured all parties of a fair and transparent review process.