Why 1,000 Central Bank of Nigeria Staff Voluntarily Resigned

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The Central Bank of Nigeria (CBN) recently confirmed the voluntary resignation of 1,000 staff members as part of its ambitious restructuring process aimed at embracing digital technologies and streamlining operations.

A Tech-Driven Transformation

During a session with the House of Representatives ad hoc committee, Bala Bello, a deputy director representing the CBN Governor, Yemi Cardoso, shed light on the mass resignations.

According to Bello, the restructuring was necessary to address redundancies stemming from the digitization of banking operations.

The CBN’s restructuring is intended to address these redundancies while optimizing its workforce for efficiency. The adoption of technology has rendered certain roles obsolete, necessitating a realignment of resources to maintain competitiveness.

Addressing Managerial Stagnation

The restructuring revealed long-standing issues within the organization, particularly the limited number of managerial positions compared to the bank’s expansive workforce. According to Bello, having 60 directors for 30 departments is unsustainable.

This imbalance resulted in career stagnation, leaving qualified staff members with limited growth opportunities.

In response, the CBN introduced an early exit programme, allowing employees to voluntarily leave the organization and explore alternative career paths.

The Early Exit Programme

Bello emphasized that the early exit programme was initiated based on popular demand from employees seeking new opportunities. Unlike traditional downsizing, this programme was entirely voluntary, with no coercion or intimidation involved.

According to Bello, this is the first time in the bank’s over 60-year history that an early exit program has been offered to all willing staff members. He emphasized that the program is entirely voluntary and no one is being forced to leave.

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The programme has received significant attention due to its scale and the ₦50 billion compensation payout for departing employees. The House of Representatives, led by Chairman Bello Kumo, is currently investigating the initiative to ensure its transparency.

Interestingly, some of the departing staff members have used this opportunity to pursue entrepreneurial ventures, including plans to establish their own banks. Bello revealed that the CBN is committed to supporting these initiatives.

He stated that some of the departing staff members plan to establish their own banks, and the CBN has assured them of support if needed.