‘How Can You Disengage Staff In The Name Of Restructuring’ – Ex-CBN Staff Denies Voluntary Disengagement Claim

Former employees of the Central Bank of Nigeria (CBN) have challenged the claim by CBN Governor Olayemi Cardoso that no staff member was forcefully disengaged from the institution.

Naija News understands that the governor made the assertion while appearing before the House of Representatives Ad-Hoc Committee investigating staff disengagements under the Early Exit Program (EEP).

Represented by the Deputy Governor of Corporate Services, Mohammed Bala Bello, the CBN stated that the EEP was a voluntary program initiated by the Bank’s Management in response to staff requests.

Bello emphasized that participation in the program was entirely voluntary, with incentives provided for those who opted to exit the Bank. He insisted that no staff member was compelled to leave.

However, when questioned further about disengagements that occurred before the introduction of the EEP, Bello acknowledged that some staff had indeed been retired earlier. He maintained that these employees received their full benefits as stipulated.

Disgruntled former staff, however, accused Governor Cardoso of omitting key details before the committee.

Speaking to Daily Trust, they alleged that over 200 confirmed and pensionable staff, including executives, were arbitrarily retired under the guise of restructuring and reorganization.

They argued that these actions violated Section 14(4) of the CBN Act, which mandates Board approval for the appointment and disengagement of staff at the level of Assistant Director and above.

“How can the Governor and his deputies justify disengaging staff, including senior executives, without a formal restructuring program or the necessary Board approval?” the former staff queried.

They further alleged that Bello misrepresented facts by claiming the Board had not been inaugurated at the time of the disengagements.

According to them, the Board was officially constituted following the Senate’s confirmation of members on February 29, 2024, nearly two weeks before the disengagements began on March 15, 2024.

The former employees are calling for a thorough investigation into the matter, accusing the CBN’s leadership of overstepping their authority and violating due process in their actions.