Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has assured that the recent exit of 1,000 staff from the apex bank was entirely voluntary. He made this statement on Friday during the resumed House of Representatives investigative hearing into the matter.

Cardoso addressed concerns over the Early Exit Package (EEP) introduced by the CBN, emphasizing that it was not a mandatory exercise. He stated that the program, initiated on December 4, 2024, was designed to allow eligible employees to voluntarily disengage without facing any negative consequences.

“The Early Exit Programme is 100 percent voluntary,” Cardoso said. “Nobody has been asked or forced to leave. It’s a structured initiative to optimize the bank’s operations for greater efficiency.”

The House of Representatives had earlier directed the CBN to suspend the planned disengagement of the 1,000 staff and established an ad hoc committee to investigate the process. The committee is tasked with examining the legality and fairness of the restructuring exercise.

Represented by Bala Bello, CBN Deputy Director of Corporate Services, Cardoso explained that the initiative aimed to align the bank’s manpower needs with its operational goals. “It ensures that round pegs are placed in round holes and that the bank’s performance is optimized,” Bello added.

Cardoso also noted that similar restructuring exercises are common in both the public and private sectors globally. He reiterated that the EEP was not a directive imposed by the bank but rather an option for staff who wished to participate.

The controversy surrounding the program arose amid reports suggesting that the 1,000 employees were sacked, prompting widespread concern. The ongoing legislative inquiry seeks to address these concerns and determine whether due process was followed.