The Central Bank of Nigeria (CBN) has reaffirmed that its 2024 Early Exit Package (EEP) was entirely voluntary and not designed to target or marginalise staff from Northern Nigeria. CBN Deputy Governor (Economic Policy), Muhammad Abdullahi, made this clarification in Kaduna on Wednesday during a plenary session on Governance and Economy at a two-day Government-Citizen Engagement Forum organised by the Sir Ahmadu Bello Memorial Foundation.
Abdullahi explained that the decision to implement the exit package stemmed from overpopulation at the Bank’s headquarters in Abuja, which had raised safety and operational concerns.
“The headquarters was overcrowded to the extent that offices were carved out of emergency exits and passageways, posing serious health and safety concerns,” he said. “Even our insurance company expressed worries over the risks associated with the congestion.”
According to him, the CBN opted for a decongestion strategy, offering a generous voluntary exit package to interested staff. At the same time, some employees were redeployed to CBN branches in Lagos, Kaduna, and other locations with sufficient capacity.
“Some of those who were relocated are now very comfortable and don’t want to return to Abuja,” Abdullahi noted. “This was never about any ethnic or regional agenda.”
He added that the voluntary exit scheme is not new, stating that the apex bank has implemented similar programmes over the past two decades, typically when senior-level staffing becomes too dense.
“In every case, a committee made up of staff is constituted to design the terms, and only those who willingly opt in can benefit. Many have taken the package and gone on to start businesses, including microfinance banks,” he said.
Abdullahi also addressed widespread misinformation regarding the exit of 16 directors, saying the narrative had been distorted to fuel division.
“It’s unfortunate that some people are using false claims to incite the public. Let me be clear: there are many directors from the North still serving in the Bank. The policy was applied across board without bias,” he stated.
To further debunk the allegation of regional bias, Abdullahi cited the example of the Secretary to the Government of the Federation’s son, who was transferred from Abuja to Lagos. “Nobody was exempted. It’s an internal policy designed to ensure operational efficiency and staff welfare,” he said.
The CBN urged Nigerians to reject divisive narratives and support reforms aimed at strengthening the institution.
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