In December 2024, around 1000 staff members of the Central Bank of Nigeria (CBN) voluntarily left their positions, as confirmed by Governor Olayemi Cardoso.
Contrary to claims that the departures were forced, the CBN emphasized that the exits were initiated by the staff themselves.
During a recent hearing by the House of Representatives Committee, Bala Bello, the CBN’s Deputy Director of Corporate Services, clarified that the decision to leave was part of a restructuring process aimed at improving operational efficiency.
The voluntary exits allowed the bank to realign its workforce to better meet its current needs, especially in light of the global shift toward digitization.
READ ALSO: CBN TO SACK 1,000 WORKERS, OFFERS N50BN INCENTIVE PACKAGE
The programme was not a response to internal pressure but rather an opportunity for staff members who had reached a career plateau to pursue other ventures.
Some individuals leaving the bank have plans to start their own financial institutions.
The process was opened to all levels, a first in the bank’s history, and those who chose to stay continue their roles without coercion.
READ ALSO: Nigeria Inflation Rate Surges Higher, Hits 34.6%
The CBN also addressed concerns about the N50 billion in severance benefits for the departing employees, stressing that these payments were part of the regular process for voluntary departures.
The bank has previously carried out similar exercises, though this was the first time the initiative was extended to such a large group.
The House committee has pledged to conduct a thorough investigation into the matter.
It would be recalled however, that late in 2024, the Central Bank of Nigeria had offered a N50billion incentive targeted at 1000 staff of all cadres.
Insider sources revealed however that those targeted were given deadlines to take the offer or get whatever comes their way, meaning they could be sacked.
