By Aaron Ossai and Disun Amosun
The allegation that the Central Bank of Nigeria (CBN) sacked over a thousand of its staff has been clarified by the Bank’s representative as an Early Exit Program that is entirely voluntary and not mandatory.
According to CBN Deputy Governor of Corporate Services Bala Mohammed Bello, no staff member has been coerced or forced to leave the services of the Apex bank.
Bello told the House of Representatives Ad Hoc Committee’s investigative hearing into the termination of over 1,000 staff and the associated ₦50 billion payoff scheme that the program was introduced based on popular demand from employees.
“Historically, similar programs were limited to senior staff. However, for the first time in over 60 years, the opportunity has been extended to all staff levels” he added
Bello emphasized that the initiative addresses challenges such as career stagnation and lack of progression within the bank, noting that some staff members, particularly those at senior levels, have opted for early exit to pursue other opportunities, including entrepreneurship.
He also differentiated this program from a separate retirement exercise conducted between March and May, during which some staff were retired with full benefits.
According to him, the exercise was initiated by the bank to bring in fresh talents and perspectives; the current program is strictly voluntary, with no coercion or intimidation involved.
Bello concluded by reiterating that both initiatives aim to streamline, refocus, and re-energize the CBN’s operations while ensuring fairness and providing opportunities for staff to explore new career paths.
In his welcome remarks, the chairman of the committee and Chief Whip of the House Rep Bello Kumo, emphasized the role of the parliament as representatives of the Nigerian people through their constituents, who are directly or indirectly affected by the exercise under investigation.
He further stressed the importance of balance and fairness in the committee’s approach, ensuring that all parties involved are treated justly.
