CBN Denies Targeting Northerners in Voluntary Exit Scheme

The Central Bank of Nigeria (CBN) has dismissed claims that its 2024 Early Exit Package (EEP) was designed to target staff from the northern region. The apex bank stated that the initiative was purely voluntary and open to all employees across its departments and regional offices. Speaking during a government-citizens engagement session in Kaduna, CBN Deputy Governor Muhammad Sani Abdullahi said the policy was not intended to marginalize any section of the country. He explained that the package was part of an internal restructuring exercise aimed at decongesting the bank’s overcrowded headquarters in Abuja, which had raised safety concerns from insurers. According to Abdullahi, the bank’s head office had become too congested, with some workstations blocking emergency exits. This led to the relocation of some departments and the introduction of an optional early retirement plan for staff who preferred not to be reassigned or who wished to exit public service voluntarily. He emphasized that the offer was extended to all staff, regardless of region or rank, and that over 1,000 employees opted into the scheme. The bank reportedly spent about ₦50 billion on the programme. Abdullahi stressed that several northern directors remain in the bank’s service and continue to hold strategic positions. He also noted that voluntary exit schemes are not new to the CBN, as similar policies have been implemented in previous administrations to manage staff size and improve efficiency. He described the narrative of ethnic targeting as politically motivated and warned against stoking regional tensions with misinformation. The House of Representatives has initiated an investigation into the implementation of the exit package to ensure due process and transparency. However, the CBN maintains that the exercise was conducted in line with its long-standing human resource practices and was neither compulsory nor discriminatory.