Why 1,000 Workers Left CBN – Cardoso

The Central Bank of Nigeria (CBN) has clarified that the 1,000 employees who exited the institution in December 2024 did so voluntarily under the Early Exit Program, aimed at addressing organizational restructuring and career progression challenges.

CBN Governor, Olayemi Cardoso, provided this explanation during an investigative hearing by the House of Representatives’ ad-hoc committee in Abuja. The committee is probing the reasons behind the mass exits and the allocation of N50 billion as severance packages.

Represented by Bala Bello, Deputy Director of Corporate Services, Cardoso emphasized that the program was entirely voluntary and designed to optimize performance by aligning personnel with the bank’s needs. “I’m very happy to mention that the Early Exit Program of the CBN is 100 percent voluntary. Nobody has been asked or forced to leave. It’s a completely voluntary program,” he stated.

Cardoso also noted that such restructuring efforts are common across both private and public sectors globally. He explained that the initiative was necessary to resolve issues of stagnation and limited career progression caused by the bank’s hierarchical structure.

“In a pyramid structure like ours, opportunities narrow as one moves up. If vacancies are unavailable, qualified and willing individuals may face stagnation. For instance, with 30 departments in the CBN, having 60 directors to manage them creates an imbalance,” Cardoso said.

He further stressed that the program was aimed at ensuring efficiency and the effective deployment of human resources within the bank.

The ad-hoc committee, chaired by Bello Kumo, assured that a comprehensive report on the investigation would be submitted to the House of Representatives.