Central Bank Governor, Olayemi Cardoso, stated that the 1,000 staff who exited the bank’s services in December did so voluntarily and were not forced to leave.
He confirmed that they received their full entitlements.
Speaking through the Deputy Director of Corporate Services, Bala Bello, at the resumed investigative hearing into the disengagement and the N50 billion terminal benefits provided, Cardoso emphasized that the program was entirely voluntary.
He explained, “The issue of the Early Exit Program and the Restructuring as well as Reorganization was to optimise the bank for enhanced efficiency. They ‘are basically ways and means through which the performance of an organisation is optimised by ensuring that round pegs are put in right holes.’”
Cardoso noted that the early exit program aimed to balance human resource, capital, skills, and IT requirements to achieve optimal performance.
He clarified, “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.”
He added that the program originated from staff requests, especially those at senior levels facing career stagnation or lack of progression
. He highlighted, “For the first time in the over 60-year history of the bank, the early exit program is extended to everybody who is actually willing to take it. It’s not mandatory, it’s not compulsory, there’s no coercion, there’s no forceful exit, and there’s no intimidation for anybody to take it.”
Chairman of the Ad-hoc Committee, Hon. Usman Kumo, assured all parties of fairness during the investigation, stating that the committee would review the objectives of the restructuring and the early exit program before submitting its report to the House.
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