By Jemimah Wellington, JKNewsMedia Reporter
OVER 1,000 employees left the Central Bank of Nigeria (CBN) in December through its voluntary Early Exit Programme (EEP).
The development prompted the House of Representatives to summon the CBN management to clarify why so many workers left and how the N50 billion severance package was arrived at.
CBN Governor Olayemi Cardoso, represented by Bala Bello, Deputy Director of Corporate Services, informed the House’s ad hoc committee that the exits were entirely voluntary.
Bello explained the Early Exit Programme as part of the bank’s restructuring efforts to improve organisational performance and ensure proper workforce alignment.
“The programme is 100 per cent voluntary. Nobody has been forced to leave,” Bello stated. He highlighted that the scheme aimed to resolve career stagnation issues, which previously resulted in employees occupying roles without clear progression opportunities.
Explaining further, Bello described challenges faced by the institution, including a pyramid-like organisational structure where limited vacancies in senior roles hindered career advancement. He cited an example of 30 departments within the bank that could not accommodate more than 30 directors, creating bottlenecks for promotions.
He noted that the restructuring initiative aligns with global practices, both in public and private sectors, to optimise efficiency and address workforce imbalances. Bello added, “The Early Exit Programme ensures that individuals willing to leave are adequately compensated with their full benefits.”
While the CBN management maintained that the programme is beneficial, questions arose about the transparency of the N50 billion severance package.
The ad hoc committee, led by Bello Kumo, has assured that a detailed report will be submitted to the House for further deliberation.
