Planned staff retirement: Affected employees chose early exit – CBN
The Central Bank of Nigeria (CBN) has clarified that over 1,000 employees who are part of its planned retirement programme voluntarily opted for early exit under the bank’s “Early Exit Programme.” This revelation came during the hearing of a House of Representatives Ad hoc Committee investigating the planned mass retirement initiative which is projected to […]
Olayemi Cardoso, CBN Governor
The Central Bank of Nigeria (CBN) has clarified that over 1,000 employees who are part of its planned retirement programme voluntarily opted for early exit under the bank’s “Early Exit Programme.”
This revelation came during the hearing of a House of Representatives Ad hoc Committee investigating the planned mass retirement initiative which is projected to cost the apex bank N50 billion.
Bala Mohammed Bello, CBN’s Head of Corporate Services, represented Governor Yemi Cardoso at the hearing on Friday.
He explained that the programme was part of the bank’s restructuring and reorganisation efforts aimed at optimising its operations and aligning with global trends in digitisation.
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“This is the first time the early exit programme is open to all cadres of employees, unlike in the past, when it was limited to top management,” Bello noted. He emphasised that the programme is entirely voluntary, adding that no staff member has been forced to leave.
He said, “The Early Exit Programme is designed to ensure the bank’s workforce aligns with its operational needs, particularly in the face of digitisation, which creates new opportunities but also redundancies. Similar initiatives have been undertaken by organisations worldwide, both in the public and private sectors.”
Bello further highlighted that the programme was implemented in response to staff requests, particularly from those facing career stagnation due to the hierarchical structure of the bank.
Earlier, the ad hoc committee chairman, Rep. Usman Bello Kumo, expressed the house’s concern over the planned disengagement of the staff and the significant cost of the initiative. He emphasised the need to understand the rationale behind the decision and its implications on Nigerians represented by members of the parliament.
Rep. Kumo said, “We are here to ensure transparency, accountability, and justice for all involved. This committee seeks to provide clarity and reassurance to the public regarding this exercise.”
The house had previously formed the ad hoc committee following a motion by Rep. Kama Nkemkama to investigate the process, criteria, and transparency of the N50 billion payoff scheme associated with the retirement programme.