CBN Governor Clarifies Voluntary Nature of Recent Staff Resignations

CBN Governor Clarifies Voluntary Nature of Recent Staff Resignations

Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), has clarified that the 1,000 staff members who recently left the bank did so voluntarily, not under duress. This statement was made during a House of Representatives investigative hearing on January 3, where Cardoso 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 is aligned with both global and local practices for workforce optimization. He stated, “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.”

He emphasized that such programs are standard in both public and private sectors, noting, “Several organisations across the world, and even within this country, undertake similar exercises. So nobody has been asked to leave.”

Cardoso addressed systemic challenges that had previously affected staff morale, such as career stagnation, explaining that the organization needed to ensure that the right talent was in the right positions. He remarked, “If not, you are going to have a quasi-organisation, an inverted pyramid.”

He also pointed out that this restructuring was not a new occurrence for the CBN, stating, “This is not the first time. It’s not the second time. It’s not the third time. It has happened several times.”

The early exit program was reportedly introduced in response to staff demands for better career progression. Cardoso noted, “For the first time in over 60 years of the bank’s history, the early exit program was extended to everyone willing to participate.”

He added that some of the exited staff had plans for entrepreneurial ventures, stating, “Among the people that have left, there are, like, three or four people who are going to set up a bank.”

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