CurrentReport Blog The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has refuted claims that 1,000 staff members were forced to leave the apex bank. Speaking on Friday at the resumed House of Representatives investigative hearing into the staff disengagement, Cardoso emphasized that the bank’s Early Exit Package (EEP) was entirely voluntary.
Background of the Staff Exits
On December 4, 2024, the CBN announced the EEP, stating it was a voluntary program designed to provide eligible staff with an exit option without any negative consequences. This followed reports suggesting that 1,000 employees were sacked as part of a restructuring exercise.
Reacting to public outcry, the House of Representatives intervened, directing the CBN to suspend the planned retirements and establishing an ad hoc committee to investigate the legality and process of the disengagement.
Cardoso’s Clarification
Represented by Bala Bello, the CBN’s Deputy Director of Corporate Services, Cardoso reiterated that the EEP was implemented to enhance the bank’s efficiency through restructuring and reorganization.
“The Early Exit Program of the Central Bank is 100% voluntary. Nobody has been asked or forced to leave. It is a program designed to optimize the bank’s performance by ensuring the right personnel are in the right roles,” Bello stated.
Cardoso further explained that the program aligns with global and local practices in both private and public sectors, aimed at optimizing manpower for better organizational efficiency.
House of Representatives’ Investigation
The House of Representatives continues to probe the process to ensure transparency and legality. The ad hoc committee seeks to address concerns about potential coercion and evaluate the program’s compliance with labor laws.
Key Points from the Hearing
- The CBN’s EEP is voluntary and not mandatory.
- The restructuring aims to improve the bank’s performance and efficiency.
- The House investigation remains ongoing to determine the legality of the exercise.
Conclusion
The clarification by CBN Governor Olayemi Cardoso highlights the voluntary nature of the EEP amidst concerns raised by stakeholders. As the House of Representatives continues its investigation, further updates are expected.
