The Central Bank of Nigeria (CBN) has clarified that the 1,000 employees who left the institution in December 2024 under a N50 billion severance package did so voluntarily through an early exit programme.
CBN Governor Olayemi Cardoso, represented by Deputy Director of Corporate Services Bala Bello, disclosed this during an investigative hearing by the House of Representatives ad-hoc committee on Friday, January 3, 2025.
The committee is probing the circumstances surrounding the staff disengagement and the rationale for the N50 billion severance package provided to the affected individuals, Punch reports.
Addressing the committee, Bello explained that the programme was part of the bank’s restructuring and reorganisation efforts to optimise performance and adapt to increasing digitisation in banking.
He said:
According to BusinessDay, Bello cited career stagnation as a driving factor behind the programme, explaining that limited vacancies for senior positions often hinder progression within the organisation.
He explained:
During the interaction, Bello Kumo, the chairman of the ad-hoc committee, quizzed the CBN on several issues:
Kumo asked:
After listening, Kumo assured the committee would objectively evaluate the submissions and report to the House of Representatives.
The CBN’s restructuring initiative has sparked widespread debate, with stakeholders questioning the N50 billion severance package amidst Nigeria’s economic challenges.
However, the apex bank maintains that the move is necessary to align its operations with global best practices.
Earlier, TimesNow.com.ng reported that the CBN has expressed optimism for the year and promises also forex market transparency and liquidity
Olayemi Cardoso, Governor of the CBN, stated this while briefing the Senate Committee on Banking, Insurance, and Other Financial Institutions.
President Tinubu hopes the CBN’s leadership will be pivotal in steering the country toward a stable and prosperous future.
Proofreading by Nkem Ikeke, journalist and copy editor at TimesNow.com.ng.
Source: TimesNow.com.ng
