The Central Bank of Nigeria (CBN) has recently addressed the concerns surrounding the departure of 1,000 employees who chose to leave their positions in December 2024. CBN Governor Olayemi Cardoso clarified that the employees were not forced to resign but rather opted for the voluntary Early Exit Programme with full benefits.
During an investigative session with the House of Representatives ad hoc committee in Abuja, Cardoso emphasized that the restructuring and reorganization within the bank were strategic measures to optimize performance by ensuring the right individuals were in the right positions. Bala Bello, the CBN’s Deputy Director of Corporate Service, reiterated that the workforce reduction was necessary to meet the organization’s requirements.
The CBN’s Early Exit Programme was highlighted as a voluntary initiative, with no employees being compelled to leave their roles. Cardoso also mentioned that similar exercises have been conducted by various organizations globally to address issues such as career stagnation and lack of advancement opportunities.
Explaining the rationale behind the workforce reduction, Cardoso pointed out the need to maintain a balanced organizational structure with a limited number of positions available at higher levels. He emphasized the importance of ensuring that qualified individuals have opportunities for career progression within the institution.
Committee Chairman Bello Kumo affirmed that the committee’s role was to gather information and present their findings to the House of Representatives for further review. The CBN’s decision to implement the Early Exit Programme was aimed at streamlining operations and enhancing efficiency within the organization.
Overall, the CBN’s approach to workforce reduction through voluntary means reflects a strategic effort to align its workforce with the evolving needs of the institution. By providing employees with the option to participate in the Early Exit Programme, the CBN aims to create a more agile and responsive organizational structure for the future.
