CBN Governor, Yemi Cardoso
Central Bank of Nigeria (CBN) has reiterated that its Early Exit Package (EEP) implemented in 2024 was entirely voluntary and not designed to target or marginalize employees from Northern Nigeria.
CBN Deputy Governor (Economic Policy), Muhammad Abdullahi, made this clarification during a two-day Interactive Session on Government-Citizen Engagement held in Kaduna.
Abdullahi explained that the CBN’s headquarters in Abuja had become overcrowded, prompting the need for decongestion.
“The limited space and exit routes were converted into offices, creating an unhealthy and unsafe environment for staff. The insurance company expressed concerns about securing the building due to the congestion, leading to the introduction of the EEP”, he said.
The CBN Deputy Governor emphasized that the EEP is not new to the bank, having been practiced over the past 20 years whenever the management structure becomes top-heavy. A committee comprising staff members is formed to design the package, which is strictly voluntary and not imposed on anyone. Some employees have taken the package and gone on to start new ventures, including microfinance banks.
Abdullahi debunked misinformation about the alleged targeting of 16 Northern directors, stating that there are still many directors from the Northern region working in the bank. He cautioned against listening to divisive rhetoric spread by unpatriotic individuals seeking to mislead the public.
The CBN’s policy aims to ensure operational efficiency and staff welfare.
Abdullahi cited the example of the Secretary to the Government of the Federation’s son, who was redeployed from Abuja to Lagos, demonstrating that nobody was exempt from the policy. The bank has ample space in its offices in Lagos, Kaduna, and other locations that can accommodate a large number of workers from the headquarters.
Some staff members relocated to Lagos and Kaduna have expressed satisfaction with their new locations, with some not wanting to return to Abuja.
Abdullahi emphasized that the policy is not an agenda against any particular group but rather a measure to ensure the bank’s efficiency.
The CBN urged Nigerians to approach such issues with understanding and not fall for misinformation meant to incite public sentiment. The bank remains committed to its policies and procedures, prioritizing staff welfare and operational efficiency.
