‘It’s Voluntary Retirement’, CBN Speaks On Mass Exit Of 1,000 Staff
The Central Bank of Nigeria (CBN) has clarified that the planned retirement of 1,000 staff members is entirely voluntary and not a forced exit. CBN Governor, Olayemi Cardoso, made this statement during an appearance before the House of Representatives Ad-hoc Committee investigating the mass retirement, held at the National Assembly Complex in Abuja on Friday.
The House had earlier resolved to probe the mass retirement exercise, including the N50 billion payoff scheme, to ensure transparency and accountability. The committee, chaired by Hon. Usman Bello Kumo, was tasked with examining the process, criteria, and legality of the retirement plan. The House had also urged the CBN to suspend the retirement process until the investigation concluded.
At the hearing, CBN’s Deputy Director of Corporate Services, Bala Bello, represented the Governor and emphasized that the early exit program was designed to optimize the bank for greater efficiency. He explained that the program aimed to balance the bank’s human resource, capital, skill, and IT requirements while keeping pace with global digitization trends.
Bello further clarified that the program was a response to a popular request from staff, particularly due to stagnation and lack of career progression. He noted that, at times, positions in the bank became filled, and qualified staff members found themselves unable to progress. He also highlighted that similar early exit programs had been conducted by CBN in the past.
The committee’s chairman, Hon. Kumo, assured that the investigation would be conducted impartially, with the goal of gathering facts before submitting a report to the House. He requested that the CBN Governor clarify the objectives of the restructuring, reorganization, and early exit programs, including the program’s timeline and its connection to the restructuring efforts.
Bello reiterated that the early exit initiative was 100% voluntary and was not imposed on any staff, noting that many organizations worldwide, both public and private, undertake similar exercises to optimize operations.
