Olayemi Cardoso Clarifies CBN Staff Departure: “Exit Program is Completely Voluntary”

Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, has clarified that the 1,000 staff members who left the bank did so voluntarily, rejecting claims that they were forced out. Cardoso made the statement on Friday during a resumed House of Representatives investigative hearing on the recent disengagement of 1,000 workers by the CBN.

The CBN had announced on December 4, 2024, that its Early Exit Package (EEP) was a voluntary initiative, with no negative consequences for eligible staff. This came after reports circulated that 1,000 employees had been sacked from the apex bank, prompting an official investigation into the matter.

In response to these developments, the House of Representatives ordered the CBN to suspend the planned retirement of the 1,000 staff members and established an ad hoc committee to probe the legality and process of the exercise.

During the hearing, Cardoso, represented by CBN’s Deputy Director of Corporate Service, Bala Bello, emphasized that the Early Exit Program was designed to optimize the bank’s performance by ensuring the right fit for the right positions. He explained that the restructuring and reorganization efforts were aimed at enhancing efficiency within the institution.

“The early exit program is 100 percent voluntary. It’s not mandatory. Nobody has been asked to leave, and nobody has been forced to leave,” Cardoso clarified. He also pointed out that similar exercises are being conducted by organizations worldwide, both in the public and private sectors.

Cardoso added that the program was not initiated by the bank but was instead part of efforts to streamline the CBN for better operational performance. He stressed that the decision was made with humility and noted that no staff member had been coerced into leaving the institution.