Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, has clarified that the departure of 1,000 staff members from the bank was entirely voluntary.

During an investigative hearing at the House of Representatives on Friday, Cardoso emphasized that the employees who left did so through the bank’s Early Exit Package (EEP), which was offered without any compulsion or negative consequences.

The CBN, on December 4, 2024, had announced that its EEP was a voluntary program designed to improve the bank's efficiency and optimize its workforce. This move came after reports surfaced about the mass resignation of 1,000 employees. However, the House of Representatives has intervened, calling for the suspension of the planned staff exits and forming an ad hoc committee to investigate the process and legality of the decision.

Cardoso, represented by the CBN’s Deputy Director of Corporate Services, Bala Bello, clarified that the restructuring efforts, including the Early Exit Program, were aimed at aligning the bank’s workforce with its operational needs to ensure greater performance and efficiency.

The governor reassured that the program was entirely voluntary, stating, “No one has been asked or forced to leave. This initiative is designed to help optimize our operations and is similar to actions being taken by organizations globally, both in the private and public sectors.”

He concluded by affirming that the Early Exit Program was not mandated by the bank but was part of a broader strategy to improve organizational efficiency and meet the bank's manpower requirements.