The Central Bank of Nigeria (CBN) has responded to rumours that its Early Exit Package, introduced in 2024, was meant to remove workers from Northern Nigeria. The bank says this is not true.
Muhammad Abdullahi, who is the Deputy Governor in charge of Economic Policy at CBN, gave this explanation in Kaduna. He was speaking at a two-day meeting organized by the Sir Ahmadu Bello Memorial Foundation to improve talks between citizens and the government.
He said the reason for the exit offer was simple: the CBN headquarters in Abuja had become too crowded. Many staff had no space, and even the building’s hallways and exits were being used as offices.
According to him, this overcrowding made the working environment unsafe. The insurance company in charge of the building even warned that it might not be able to fully insure the building because of the congestion.
Abdullahi explained that to fix the problem, the bank moved some staff to other offices in cities like Lagos and Kaduna, where there is more space. He said some of those workers are now happier in their new locations and don’t want to return to Abuja.
He made it clear that there was no hidden agenda behind the policy. It was not about targeting any group or region.
He also said that offering early retirement options is not a new practice at the bank. When needed, a committee is formed to prepare the offer, and only those who wish to take it can do so. No one is forced.
Some staff who accepted the package have gone on to start new businesses, including microfinance banks. Abdullahi said the package was a chance for workers to try something new and grow outside the bank.
