THE Central Bank of Nigeria (CBN) has clarified the rationale behind its recent voluntary exit programme, which resulted in over 1,000 employees leaving the organisation. According to the bank, the initiative was implemented in response to staff requests, particularly as advancements in technology render many roles redundant.
Speaking before an ad hoc committee of the House of Representatives investigating the scheme, Bala Bello, a deputy director at the CBN, explained that the programme was not imposed by the bank but driven by staff demand. Representing the CBN Governor, Yemi Cardoso, Bello noted that the scheme provided employees the option to resign voluntarily, emphasizing that it was neither mandatory nor coercive.
“This is the first time in the over 60-year history of the bank that an early exit programme has been extended to all categories of staff,” Bello remarked. “The initiative came at the instance of the staff. It’s entirely voluntary—no intimidation, no forceful exit.”
Bello attributed the exit programme to the global shift toward digitisation, which has impacted workforce dynamics across industries. He highlighted that while technology creates new opportunities, it also leads to redundancies in certain roles.
“You are very much aware, chairman, that the entire world is going through a process of digitising its operations. And when that happens, a lot of opportunities are created, just as a lot of redundancies are equally created,” Bello explained.
He also addressed the structural stagnation within the organisation, noting that limited managerial positions had left some highly qualified employees unable to advance.
“For example, the CBN has 30 departments, but you cannot have 60 directors managing them. Once those vacancies are filled, others—despite being competent and willing—find no room for advancement, leading to stagnation,” he added.
Bello revealed that some of the departing staff members plan to establish their own banks, with the CBN pledging support for their entrepreneurial pursuits.
“For instance, among those who left, three or four individuals are preparing to set up banks. We’ve assured them that the CBN will provide any necessary support for their ventures,” he said.
The House of Representatives initiated a probe into the mass resignation and the N50 billion compensation allocated for the programme after a motion of urgent public importance was moved by Kama Nkemkamma (LP, Ebonyi) on December 3. The ad hoc committee, chaired by Majority Whip Bello Kumo, aims to ensure transparency and fairness in the restructuring process.
Kumo assured the CBN of a fair hearing during the investigation, describing the probe as a fact-finding mission to understand the bank’s reorganisation efforts.
The restructuring at the CBN follows the appointment of Yemi Cardoso as Governor in September 2023 by President Bola Tinubu, succeeding the suspended Godwin Emefiele. Cardoso, a former Citigroup executive, pledged a departure from past policies and a return to orthodox banking practices.
In the past 15 months, the CBN has received commendation for clearing outstanding obligations and eliminating multiple exchange rates. However, persistent instability in the foreign exchange market and rising inflation remain significant challenges, despite the high interest rate regime adopted by the bank.
The voluntary exit programme is the latest development in the ongoing reorganisation efforts at the CBN, which have sparked mixed reactions. While some view it as a pragmatic response to modernisation, others express concerns about its long-term impact on the bank’s operations and employee welfare.
As the probe continues, stakeholders await the committee’s findings on the implications of the programme and its alignment with the CBN’s broader reform agenda.
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