The 1,000 employees who chose to leave their employment in December 2024 were not compelled to do so, the Central Bank of Nigeria has reiterated.
This was said by CBN Governor Olayemi Cardoso on Friday in Abuja during an investigation session of the House of Representatives’ ad-hoc committee looking into the reasons behind the staff members’ departure and the process used to determine the N50 billion severance compensation for the impacted individuals.
Cardoso went on to say that the impacted individuals choose to withdraw through the voluntary Early Exit Program in exchange for full benefits.
Cardoso clarified, speaking on behalf of Bala Bello, Deputy Director, Corporate Service of the CBN.
In essence, “the Early Exit Program, Restructuring, and Re-organization” are strategies and tactics that maximize an organization’s performance by making sure that round pegs are placed in the appropriate holes. In fact, the bank’s labor needs are satisfied.
I’m pleased to announce that the CBN’s early leave program is entirely optional. It is not required. No one has been compelled to leave, nor has anyone been asked to do so. It is an entirely voluntary program that has been implemented.
“I believe several organizations across the world, and even within this country, both in terms of the private sector and the public sector, are undertaking similar exercises,” he added, indicating that the experiment was not limited to government entities alone.
“In the past, there have been cases of stagnation and lack of career progression,” Cardoso continued.
A pyramid is a structure in which the space between one level and the next continues to close. If not, you will have an inverted pyramid that functions as a sort of organization.