The Central Bank of Nigeria (CBN) clarified that the 1,000 staff members who exited in December 2024 did so voluntarily. According to CBN Governor Olayemi Cardoso, the departures occurred under the Early Exit Program, which offered full benefits to participants.
Central Bank of Nigeria Implements Voluntary Early Exit Program
Cardoso emphasized that the Early Exit Program was 100% voluntary. He explained the initiative aimed to optimize organizational performance by aligning manpower with operational needs. The program was part of broader restructuring and reorganization efforts.
CBN’s Strategy to Address Career Stagnation
The Central Bank of Nigeria acknowledged career stagnation and lack of progression as challenges in its structure. Cardoso highlighted the need for balance in organizational hierarchy to ensure efficiency and career growth opportunities.
Severance Package for Exiting Staff
Cardoso revealed that N50 billion was allocated as severance for the 1,000 affected staff. The package reflected the bank’s commitment to ensuring a smooth transition for those opting for the program.
Insights from CBN’s Organizational Restructuring
The restructuring exercise is consistent with global practices across public and private sectors. It seeks to avoid an inverted pyramid structure, ensuring that positions and roles align effectively with the bank’s needs.
Investigative Hearing by House Committee
The House of Representatives’ ad-hoc committee, chaired by Bello Kumo, investigated the circumstances surrounding the exits. The findings aim to provide clarity on the rationale and execution of the Early Exit Program.
The Central Bank of Nigeria remains focused on maintaining operational efficiency and addressing workforce challenges through strategic restructuring.
