The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has addressed concerns about the recent exit of 1,000 staff members, stating that it was entirely voluntary.

During a House of Representatives hearing on Friday, Cardoso clarified the situation amidst reports suggesting the staff were forced to leave. According to him, the exits were part of the bank’s Early Exit Package (EEP), announced on December 4, 2024. The programme, he explained, was optional and carried no negative consequences for those who chose to participate.

The House of Representatives had earlier expressed concerns over the staff exit and ordered the CBN to suspend the planned retirements. They also established a committee to investigate the legality of the process.

Represented by Bala Bello, CBN’s Deputy Director of Corporate Services, Cardoso explained that the restructuring and reorganisation were aimed at improving the bank’s efficiency. He stated, “The Early Exit Programme is 100% voluntary. No one was forced to leave. It is designed to ensure the right people are in the right roles and to optimize the bank’s performance.”

He further noted that similar programmes are common in organisations worldwide and are often used to improve operations in both the private and public sectors.

Cardoso assured the committee that the programme was implemented in good faith and was not influenced by external pressures.

The clarification highlights CBN’s efforts to remain transparent and maintain trust during its workforce restructuring process.