The Central Bank of Nigeria has reiterated that the 1,000 employees who chose to leave their positions in December 2024 did so voluntarily. The CBN Governor clarified this during an investigative hearing by the House of Representatives’ ad-hoc committee in Abuja. The employees participated in the Early Exit Program and received their full benefits upon disengagement.
The Governor explained that the Early Exit Program is aimed at optimizing organizational performance by ensuring the right people are in the right positions. It is a voluntary program, not mandatory, and no one was coerced to leave. This initiative is not exclusive to government agencies but is also being implemented in various organizations globally.
The rationale behind the program is to address issues of stagnation and lack of career progression within the organization. As the hierarchy within an organization narrows, it becomes necessary to realign positions accordingly to maintain efficiency. The goal is to prevent a situation where there are more directors than departments, leading to stagnation for qualified individuals.
The committee, led by Bello Kumo, is tasked with compiling a report on the matter for submission to the House.