The Central Bank of Nigeria (CBN) has revealed that a recommendation from its insurance provider concerning workplace safety triggered its decision to decongest the overcrowded Abuja headquarters, leading to the rollout of the Early Exit Package (EEP) in 2024.
Speaking at a two-day Interactive Session on Government-Citizens Engagement in Kaduna on Wednesday, CBN Deputy Governor for Economic Policy, Muhammad Abdullahi, stated that the EEP was not politically motivated, but rather a strategic effort to enhance working conditions and operational efficiency.
“The bank was so crowded at the headquarters and jam-packed that there was no space; the limited space and exit routes in the building were converted to offices and hence not healthy for the workers,” Abdullahi explained.
“Due to the crowded and suffocating space, the insurance company expressed serious concerns on securing the building with its insurance policy, hence the need for decongestion.”
Voluntary Retirement Offer
In December 2024, reports surfaced that the CBN was preparing to retire up to 1,000 employees under the EEP initiative, with over N50 billion allocated for severance payments.
Abdullahi clarified that the offer was strictly voluntary, enabling staff to exit with robust support, often leading them to pursue new ventures such as founding microfinance banks.
“It is an opportunity for those who want to move ahead and do other things with their lives,” he said. “The EEP has been practiced for over two decades and is only implemented when the management becomes top-heavy.”
Relocations and Misconceptions Addressed
The Deputy Governor emphasized that relocations to other offices in Lagos, Kaduna, and additional regional hubs were part of the bank’s internal reorganization and not targeted at any particular ethnic group or region.
“Some of those staff members taken to Lagos and Kaduna are now so happy they don’t even want to come back to Abuja,” Abdullahi said. “It is not an agenda against anybody.”
Addressing rumors that the bank deliberately removed 16 directors, particularly from the Northern region, Abdullahi dismissed the narrative as misleading.
“There are many directors from the Northern region currently serving in the bank,” he stated. “The son of the Secretary to the Government of the Federation was also moved from Abuja to Lagos. Nobody was spared—it is a policy of the bank.”
He urged Nigerians to be wary of misinformation from what he called “unpatriotic elements,” warning that false narratives risk undermining institutional trust and national unity.
