Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), confirmed that 1,000 staff exits from the bank were voluntary. The restructuring initiative, aimed at enhancing efficiency, offered staff career progression opportunities. The House of Representatives continues its investigation into the process, ensuring fairness for all parties.
Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), clarified that the departure of 1,000 staff members from the bank was entirely voluntary. This statement was made during a resumed investigative hearing at the House of Representatives, which had earlier asked the bank to suspend the planned exit of its staff.
The CBN had initially announced an Early Exit Package (EEP) for eligible employees, assuring that participation would not be mandatory and would not carry negative consequences for those involved. In response, the House of Representatives formed an ad-hoc committee to look into the matter and verify the legitimacy of the process.
During the hearing, Cardoso, represented by the CBN’s deputy director of corporate services, Bala Bello, reiterated that the bank’s restructuring initiatives were designed to enhance its operational efficiency. He emphasized that the exit program was voluntary, with no coercion involved, and that no staff member was forced to leave.
Cardoso explained that the restructuring was necessary to address stagnation and career progression challenges within the bank. He noted that many staff members voluntarily chose to leave, with some planning to start their businesses. Additionally, for the first time in the bank’s 60-year history, the early exit program was extended to all employees, not just those in senior positions.
The chairman of the ad-hoc committee, Usman Kumo, assured that the investigation would be conducted impartially to ensure fairness for all involved parties.
