The Central Bank of Nigeria (CBN) has clarified that the recent exit of 1,000 staff members in December 2024 was entirely voluntary. Governor Olayemi Cardoso, through the Deputy Director of Corporate Services, Bala Bello, made this known during an investigative hearing on the matter.
According to Bello, the program was part of a broader restructuring initiative aimed at enhancing efficiency and addressing workforce challenges.
“The early exit program is 100 percent voluntary,” Bello said. “Nobody has been asked to leave, and nobody has been forced to leave. It’s a program that gives staff the opportunity to explore other career or entrepreneurial paths without coercion.”
He explained that the program stemmed from staff requests, particularly from those who felt stagnated in their career growth due to limited opportunities for advancement.
“There are instances where highly qualified staff members feel stuck because there are no vacancies to allow for upward progression,” Bello stated. “This program provided them with an avenue to explore other opportunities before they reach a stage in life where taking risks becomes more difficult.”
Bello emphasized that the program was part of a restructuring effort to align with global digitization trends.
“The entire world is undergoing digitization, which creates both opportunities and redundancies. The CBN is ensuring that it balances its human, capital, skill, and IT requirements,” he explained.
He also revealed that some of the staff who exited plan to start their own banks, and the CBN is supportive of their aspirations.
“The bank is ready to support any staff who left to pursue entrepreneurial goals,” Bello added.
Chairman of the Ad-hoc Committee, Hon. Usman Kumo, assured that the investigation would be fair and comprehensive.
“Our responsibility is to ensure all parties involved are heard and to submit a detailed report to the House,” Kumo said.
