Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has clarified that the 1,000 staff who recently left the apex bank did so voluntarily under an Early Exit Programme (EEP) and were not forced out.

Cardoso made this known on Friday during the resumed House of Representatives investigative hearing on the matter. Represented by Bala Bello, the CBN’s Deputy Director of Corporate Service, Cardoso reiterated that the EEP was entirely optional and designed to restructure and optimise the bank for improved efficiency.

“The Early Exit Programme of the CBN is 100 percent voluntary. Nobody has been forced to leave or coerced into the programme,” Bello said. “The aim is to ensure that the manpower requirements of the bank are met, and the right talents are positioned for enhanced performance.”

On December 4, 2024, the CBN issued a statement dismissing claims of staff being sacked, emphasizing that the EEP was introduced to address stagnation and provide career progression opportunities.

Bello explained that similar programmes had been implemented in the past but were previously limited to senior cadre staff. This time, the initiative was extended to all staff categories, based on popular demand.

“For the first time in the bank’s 60-year history, this programme was made accessible to everyone willing to participate. Many staff requested this opportunity, and those who opted in are now pursuing other ventures, including starting their own banks,” Bello added.

He acknowledged the challenges within the CBN, including career stagnation due to the hierarchical nature of the organization. The EEP, according to him, was a response to these issues, allowing staff to explore new opportunities.

Usman Kumo, Chairman of the House ad-hoc committee investigating the matter, assured stakeholders of a fair and thorough probe into the process and legality of the staff disengagement.