MASSIVE CLEAR OUT: See Shocking Reason Why 1,000 Workers Left CBN

The Central Bank of Nigeria (CBN) recently experienced a major shake-up as 1,000 staff members opted to leave their roles in December 2024. This wave of exits has sparked widespread curiosity, with many wondering if the workers were forced out or left voluntarily. CBN Governor, Olayemi Cardoso, has now set the record straight, shedding light on the reasons behind this massive clear-out.

Voluntary Exit Program: No One Was Forced Out
During an investigative hearing by the House of Representatives’ ad-hoc committee, the CBN Governor, represented by Bala Bello, Deputy Director of Corporate Service, clarified that the exit of these workers was part of a voluntary Early Exit Program. According to Cardoso, the program was designed to ensure organizational restructuring and reorganization.

He stated:

“The Early Exit Program…is 100 per cent voluntary. It’s not mandatory. Nobody has been asked to leave, and nobody has been forced to leave. It’s a completely voluntary programme that has been put in place.”

This statement aimed to quash rumors of employees being coerced into leaving. Instead, the program was intended to optimize the bank’s performance and address the challenges of stagnation and career progression within the institution.

Why Was the Program Introduced?
According to Bala Bello, the decision to implement the Early Exit Program stemmed from the need to address structural challenges within the CBN. Over time, the bank faced issues such as stagnation and lack of career advancement opportunities due to limited vacancies at higher levels.

Cardoso explained:

“In an organisation, you’ve got a pyramid where from each level to the next level, the gap keeps narrowing…You cannot have 60 directors manning 30 departments. It’s not going to work.”

By allowing staff members to voluntarily exit, the CBN aimed to create room for growth, ensuring that “round pegs are put in round holes.”

N50 Billion Severance Package
One of the highlights of this program was the N50 billion severance package allocated to the 1,000 departing staff members. This generous payout provided full benefits to those who chose to leave, emphasizing the voluntary nature of the program.

The CBN also noted that such restructuring efforts are not unique to government agencies but are common in both the private and public sectors worldwide.


Addressing Career Stagnation
Cardoso acknowledged that career stagnation had been a recurring issue within the CBN. As vacancies at higher levels became scarce, many qualified and capable employees found themselves stuck in the same positions for extended periods.

He explained further:
“Once those vacancies are filled, it gets to a level where some people, even though they are very qualified, able, and willing, but the vacancies are not there.”

This reality highlighted the need for an exit program to create a balanced organizational structure.



What Does This Mean for the CBN’s Future?
The Early Exit Program and subsequent clear-out signify a strategic move by the CBN to streamline its operations and enhance efficiency. By addressing the issue of stagnation and optimizing its workforce, the bank aims to position itself for better performance in the years ahead.

While the exit of 1,000 workers is significant, the program demonstrates the CBN’s commitment to innovation and adaptability in a constantly evolving economic landscape.



Final Thoughts
The massive clear-out at the CBN may have raised eyebrows, but the reasons behind it highlight the bank’s efforts to foster growth and efficiency. With a well-executed voluntary exit program, the CBN has shown that change, when managed strategically, can lead to long-term benefits.

What are your thoughts on this restructuring strategy? Share your opinions in the comments below!