The Central Bank of Nigeria (CBN) has clarified that the resignation of 1,000 staff members in December 2024 was entirely voluntary and part of an Early Exit Program.
Speaking at a House of Representatives investigative hearing on Friday, CBN Governor Olayemi Cardoso, represented by Bala Bello, Deputy Director of Corporate Service, said the program was designed to optimise the bank’s performance.
Cardoso explained, “The Early Exit Program is 100% voluntary. Nobody was forced to leave. It ensures that manpower requirements are met and round pegs are put in round holes.”
He added that the program, which paid full severance benefits, was in line with global and local practices in both the private and public sectors.
Addressing the ₦50 billion severance package, Cardoso noted that stagnation in career progression was a key factor influencing the initiative.
“In an organization like ours, vacancies narrow at higher levels. If these are not addressed, it creates stagnation and inefficiency,” he said.
Committee chairman Bello Kumo stated that the committee’s role was to examine the matter and report findings to the House.
