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1,000 Staff Left Voluntarily, Were Not Forced Out – CBN
- 1,000 CBN staff opted for a voluntary Early Exit Programme.
- CBN says the initiative prevents stagnation and improves organizational efficiency.
- The programme aligns workforce needs with operational and digital transformation goals.
The Central Bank of Nigeria (CBN) has clarified that the 1,000 employees who left in December 2024 did so voluntarily through the Early Exit Programme, not under duress.
Governor Olayemi Cardoso, represented by Deputy Director of Corporate Services, Bala Bello, addressed this at an investigative hearing by the House of Representatives’ ad-hoc committee, which was examining the circumstances surrounding the staff departures and the ₦50 billion severance package allocated.
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EKO HOT BLOG reports that Bello explained that the Early Exit Programme, part of a broader restructuring initiative, was aimed at optimizing the bank’s operations by aligning manpower, skills, and resources with the bank’s goals.
The programme is designed to create a more efficient organizational structure by ensuring that the right employees occupy the right roles, helping the CBN meet its human resource, capital, and IT requirements.
“This is not mandatory. Nobody has been forced to leave,” Bello affirmed.
The restructuring effort is part of a global trend towards digitalization, which often results in redundancies as well as new opportunities.
Bello also noted that voluntary exit programmes are common in both public and private sector organizations worldwide.
He further explained that such initiatives help address issues like career stagnation, where employees, despite being qualified, find it difficult to advance due to a lack of vacancies.
Bello also emphasized that the programme is designed to address inefficiencies in organizational structure, including the problem of having too many directors overseeing too few departments.
He noted that as the pyramid of positions narrows, stagnation becomes inevitable, and the Early Exit Programme offers an opportunity to alleviate such situations.
Chairman of the Ad-hoc Committee, Bello Kumo, sought further clarification on the objectives and timeline of the programme. In response, Bello reiterated that the goal is to enhance efficiency, reduce redundancies, and improve career progression within the CBN.
Staff Left Voluntarily CBN
The hearing provided a platform for the CBN to assure the public of its commitment to transparency in the execution of the programme.
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