The 1000 CBN Staff who chose to leave their employment in December 2024 were not compelled to do so, the Central Bank of Nigeria (CBN) has reiterated.
This was said by CBN Governor Olayemi Cardoso on Friday in Abuja during an investigation session of the House of Representatives’ ad-hoc committee looking into the reasons behind the staff members’ departure and the process used to determine the N50 billion severance compensation for the impacted individuals.
Cardoso went on to say that the impacted individuals chose to withdraw through the voluntary Early Exit Program in exchange for full benefits.
Represented by the CBN’s Deputy Director of Corporate Service, Bala Bello, Yemi Cardoso emphasized that the restructuring, reorganization, and the ‘Early Exit Program’ of the CBN are essentially strategies and tactics that maximize an organization’s performance by making sure that round pegs are inserted in the correct holes and ultimately the bank’s labor needs are truly satisfied.
His statement made available to 9am News Nigeria goes “I’m very happy to mention that the early exit program of the CBN is 100 per cent 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 exercise was not limited to government agencies alone, he noted, adding, “I believe several organizations across the world, and even within this country, both in terms of the private sector and the public sector, are undertaking similar exercises.” he added.
Cardoso went on to say, “There have been times in the past when there has been a lack of job advancement and stagnation. In any organization there is a pyramid where the gap gets less as you move up the levels. Otherwise, you will have an inverted pyramid, a sort of quasi-organization”.
“It reached a point where the Central Bank, for instance, had thirty departments and sixty directors. Thirty departments cannot be staffed by sixty directors. It will not succeed. After those positions are filled, there are still some persons who are highly qualified, capable, and willing, but the positions are not there. They then reached a point where they were temporarily unable to move further”.
In his earlier remarks, Bello Kumo, the ad-hoc committee’s chairman, stated that the committee’s duty was to present the findings to the House.
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