Exit Of 1,000 Staff From CBN Was 100% Voluntary – Cardoso

The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has maintained that the 1,000 employees who recently departed the central bank were not compelled to quit.

Cardoso made the remark on Friday, January 3, during a House of Representatives inquiry hearing into the workers’ disengagement. He was represented by Bala Bello, the CBN’s Deputy Director of Corporate Services.

Cardoso underlined that the CBN’s early leave package (EEP) was fully voluntary, consistent with global and local organizational principles for labor optimization.

“They are basically ways and means through which the performance of an organisation is optimised by ensuring that round pegs are put in the right holes,” Cardoso explained.

“I’m very happy to mention, Mr. Chairman and members of the committee, that the early exit program of the central bank is 100 percent voluntary. It’s not mandatory. Nobody has been asked to leave, and nobody has been forced to leave. It’s a completely voluntary programme that has been put in place.”

The CBN governor also noted that such practices were standard across both public and private sectors, adding, “Several organisations across the world, and even within this country, undertake similar exercises. So nobody has been asked to leave.”

Cardoso cited systemic issues that had historically harmed employee morale and progress at the apex bank, such as career stagnation.

“In the past, you have had cases of stagnation and lack of career progression. In an organisation, you’ve got a pyramid where from each level to the next level, the gap keeps narrowing. If not, you are going to have a quasi-organisation, an inverted pyramid,” he explained.

He further noted that this was not the first time such restructuring had occurred at the CBN, saying, “There are several instances in which similar exercises took place in the central bank. This is not the first time. It’s not the second time. It’s not the third time. It has happened several times.”

Cardoso repeated that the early exit program was implemented in response to employee concerns, particularly those who felt their career advancement was limited.

“For the first time in over 60 years of the bank’s history, the early exit program was extended to everyone willing to participate. And this came at the instance of the staff. So it’s not mandatory, it’s not compulsory, there’s no coercion, there’s no forceful exit, and there’s no intimidation for anybody to take it,” he affirmed.

Cardoso also mentioned that some of the exited staff were planning entrepreneurial ventures, stating, “Among the people that have left, there are, like, three or four people who are going to set up a bank. Those who wanted to take the package took it, and those who didn’t remain in the bank.”

Usman Kumo, chairman of the House ad hoc committee studying the problem, assured all stakeholders that the review process will be fair and transparent.