
By CHRISTIANA LOT, Jos –
Months after facing backlash over abrupt staff terminations, the Central Bank of Nigeria (CBN), under the leadership of its Governor, Yemi Cardoso, is charting a new course to restore credibility.
Through its voluntary Early Exit Programme (EEP), the bank has unveiled a ₦50 billion initiative aimed at repairing strained employee relationships and preempting further legal disputes.
The EEP allows employees to voluntarily exit the bank under favorable terms, marking a significant departure from the earlier controversial layoffs that dismissed over 300 staff without severance. The decision sparked lawsuits, public criticism, and questions about the bank’s commitment to fair labor practices.
Observers believe the programme reflects a strategic shift. Mr. Isaac Wadak, a professional accountant and former Permanent Secretary in Plateau State, noted that the initiative is a deliberate attempt to undo past mistakes. He explained that prioritizing transparency and voluntary participation shows the CBN’s recognition of its earlier missteps and its renewed focus on fairness and accountability.
“This move is not just about regaining staff confidence but also about salvaging the bank’s reputation. Investors, both local and international, want to see stability at the apex bank. This is a step toward building trust and ensuring compliance with established procedures,” Wadak remarked.
Further details of the programme reveal significant financial and non-financial benefits. One anonymous staff member disclosed that senior supervisors and deputy managers are eligible for payouts equivalent to up to 60 months of gross annual emoluments, managers can receive up to 36 months, while other categories are entitled to 18 months of gross annual emoluments. The EEP also includes entrepreneurial training, financial planning assistance, and a three-month extended medical coverage for employees and their families.
“Eligible staff due for promotion by January 2024 can exit at the next grade level,” the source added. Additionally, to ease financial strain, only 20% of outstanding loans will be deducted from gratuities at the time of exit, with the remaining amount spread over five years.
The CBN’s earlier mass terminations resulted in over 100 lawsuits from aggrieved employees demanding compensation for wrongful termination, unpaid salaries, and emotional distress. Reflecting on this, Comrade Stev Oloko, Director of the Civil Liberty Organization, criticized the bank’s initial approach but acknowledged the EEP as a step in the right direction.
“This is what should have been done in the first place. Abrupt dismissals undermine trust and create insecurity within the workforce. If the CBN doesn’t handle these changes carefully, it risks encouraging corruption and eroding its integrity,” Oloko cautioned.
The EEP, which runs until December 7, has garnered mixed reactions from employees. While some commend the financial incentives, others argue the payouts fall short of addressing the emotional toll and disruption caused by the earlier layoffs.
“This programme offers substantial benefits but does little to erase the lingering sense of unfairness from the previous sackings,” one staff member stated.
Critics have also called on the CBN to take additional steps, including establishing an independent review panel to evaluate its previous actions, issuing formal apologies, and recognizing the contributions of wrongfully dismissed employees. Such measures, they argue, would reinforce the bank’s commitment to fairness and transparency.
As the CBN moves forward, its ability to rebuild trust hinges on the successful implementation of the Early Exit Programme. By resolving pending lawsuits amicably and adopting inclusive internal policies, the bank can restore its image as a fair and ethical financial institution in Nigeria and beyond.
For an institution grappling with reputational damage, the stakes are high. The EEP is not just a means to pacify discontent but also a crucial step in reestablishing the CBN as a symbol of ethical leadership.