CBN: Cardoso states the volunrability exit of 1000 personnel

Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), stated that the 1,000 personnel who recently exited the apex institution did so voluntarily, without any coercion to resign.

During the House of Representatives' investigative hearing on Friday, January 3, regarding the workers' departure, Cardoso made this statement, represented by Bala Bello, the CBN’s Deputy Director of Corporate Services.

The Governor of the CBN outlined that the Early Exit Package (EEP) introduced by the bank was a voluntary program, consistent with both global and local approaches designed to improve organizational productivity.

“This strategy serves to optimize organizational performance by ensuring that the right personnel are positioned correctly,” Cardoso remarked.

He continued, “I am delighted to inform you, Mr. Chairman and committee members, that the early exit program at the central bank is 100 percent voluntary. It’s not obligatory, and no one has been requested or forced to depart. It is entirely voluntary.”

He further noted that these practices are widespread in both the public and private sectors, observing that similar programs have been adopted by numerous organizations around the world, including in Nigeria.

The Governor acknowledged that systemic challenges, including career stagnation, had previously influenced staff morale and growth at the CBN. He elaborated, “In the past, there have been instances of stagnation and insufficient career progression. In any organization, the pyramid should narrow as one moves up; otherwise, an unhealthy structure is created.”

Cardoso also pointed out that this type of restructuring was not new at the CBN. “This is not the first, second, or third time such an initiative has been undertaken here,” he stated, underlining its recurrence.

The voluntary exit scheme, Cardoso highlighted, was introduced following requests from staff, particularly those pursuing more career opportunities. “For the first time in over six decades of the bank’s existence, the voluntary exit scheme was offered to all employees who expressed interest,” he confirmed, stressing that it was neither compulsory nor mandated.

A number of the staff who exited, Cardoso mentioned, were aiming to start their own ventures. “Among those who departed, a few are looking to create a bank. Those who took the package did so willingly, while those who chose to remain are still employed at the bank,” he continued.

Usman Kumo, the Leader of the House ad-hoc committee probing the matter, reassured all parties of an equitable and transparent assessment process.