The Central Bank of Nigeria has clarified the departure of 1,000 staff under its voluntary Early Exit Program. CBN Governor Olayemi Cardoso insists the restructuring aims to enhance efficiency without coercion.
The Central Bank of Nigeria (CBN) has clarified the recent exit of 1,000 staff under its voluntary Early Exit Program. Governor Olayemi Cardoso, represented by Deputy Director of Corporate Services, Mr. Bala Bello, addressed the matter during an investigative hearing by the House of Representatives Ad-hoc Committee in Abuja.
Cardoso emphasized that the program was entirely voluntary and aimed at optimizing the bank’s efficiency by addressing stagnation and career progression issues.
Speaking on the issue, Mr. Bello stated that the program arose from staff requests to explore opportunities outside the bank. “This initiative was not mandatory or coercive. It provided those at career stagnation points with a chance to exit and pursue other opportunities,” he said.
Bello highlighted that similar initiatives have occurred previously, though this was the first time the program extended to all staff levels. “The Early Exit Program is in line with global trends in restructuring, where organizations seek to balance human resources, skills, and technology to meet operational goals,” he added.
The restructuring effort aims to align the bank’s workforce with its operational goals. Bello noted that the CBN must ensure the right number of skilled personnel to drive its objectives in an increasingly digitized financial landscape.
He also revealed that many staff members who opted out under the program have embarked on entrepreneurial ventures, with some planning to establish new banks.
Addressing concerns about the N50 billion allocated for terminal benefits, Bello explained that the amount was calculated to ensure fairness to exiting staff. He reassured the committee that the program complied with all financial and ethical standards.
Chairman of the Ad-hoc Committee, Hon. Usman Bello Kumo, assured stakeholders of a fair and thorough investigation. “Our duty is to understand the objectives and outcomes of the restructuring, reorganization, and Early Exit Program,” he said.
The CBN insists the program is a necessary step to modernize its operations and prepare for future challenges. “It’s about placing round pegs in round holes and optimizing organizational efficiency,” Bello concluded.
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