By Gloria Ikibah
The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has said that that the voluntary disengagement of 1,000 staff in December 2024, was initiated by the employees themselves, and all entitlements paid in full.
The CBN Governor who was made the clarification at an investigative hearing organized by the House of Representatives Ad-hoc Committee “To Investigate Central Bank Of Nigeria (CBN) Termination/Dismissal Of Staff” on the retirement of over 1000 staff of the Central Bank of and the associated N50 billion payoff scheme, on Friday in Abuja.
Cardoso who was represented by Deputy Director of Corporate Services, Bala Bello,
emphasized that the program was completely voluntary and aimed at enhancing the bank’s efficiency.
“The early exit program of the Central Bank is 100 percent voluntary.
“Nobody has been asked to leave, and nobody has been forced to leave. It is a completely voluntary program put in place at the request of staff”, Bello said.
He explained that the restructuring and reorganization efforts were designed to optimize the bank’s operations by aligning manpower, skills, and technology with its strategic goals.
According to him, the program was particularly beneficial to staff members who felt their career progression had stagnated due to limited opportunities.
“The objective is to ensure the right people are in the right positions, balancing human resource requirements with operational demands.
“For example, among those who left, some are setting up their own banks. These individuals saw the program as an opportunity to pursue other ventures”, he added.
Addressing concerns raised during the hearing, Bello reiterated that no staff member was coerced or intimidated into leaving.
“Those who wanted to take it did, and those who didn’t remain with the bank,”he said, stressing that the initiative was driven by popular demand from staff.
Earlier, Chairman of the Ad-hoc Committee, Rep. Usman Bello Kumo, assured stakeholders of a fair investigation, and stated that the committee’s role was to ensure transparency in the process.
“Our responsibility is to submit a comprehensive report to the House on the objectives, timeline, and impact of the restructuring, reorganization, and early exit program,” he said.
The CBN maintained that the N50 billion terminal benefits allocated to exiting staff were carefully calculated and distributed according to laid-down procedures.