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This follows the House of Representatives’ decision to question the programme’s transparency and financial implications and to investigate the proposed N50 billion payout.
The Central Bank of Nigeria (CBN) has said that its Early Exit Package (EEP) for staff is entirely voluntary and aimed at promoting career development.
The clarification came on Wednesday in a statement issued by the Acting Director of Corporate Communications, Hakama Ali, explaining the rationale behind the EEP.
This follows the House of Representatives‘ decision to question the programme’s transparency and financial implications and to investigate the proposed N50 billion payout.
During plenary on Tuesday, Kama Nkemkama, an opposition lawmaker from Ebonyi State, raised a motion of urgent public importance, alleging that the CBN’s restructuring process could affect over 1,000 employees across various levels.
He criticised the lack of oversight in the payoff scheme, warning of potential abuse of public funds.
“The reported payoff scheme, amounting to N50 billion, may lack sufficient accountability and oversight mechanisms, posing risks of mismanagement and abuse of public funds in a sector vital to Nigeria’s financial stability,” he stated.
Mr Nkemkama also highlighted the socio-economic implications of the exercise, cautioning that it could increase unemployment and public dissatisfaction.
His motion received unanimous support from lawmakers, who called for the immediate suspension of the exercise and resolved to set up an ad hoc committee to investigate the matter.
In response, the CBN described the scheme as an “internal corporate matter” introduced after extensive consultations with the bank’s Joint Consultative Council (JCC), a body representing staff interests.
It explained that the EEP, previously reserved for executive-level staff, was extended to all eligible employees following persistent requests from staff representatives.
“For some time, staff representatives through the JCC had called on management to approve the early exit package for all cadres. Following these discussions, management decided to meet this popular demand,” she said.
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She dismissed concerns about coercion or adverse repercussions for staff who decline the offer, assuring employees of the bank’s continued commitment to their professional growth and well-being.
The House’ of Representatives ad hoc committee had said it will probe the legality of the scheme, examine the proposed N50 billion payout for transparency and accountability, and assess the economic and institutional impact of the exercise.
It will also engage with the leadership of the CBN to evaluate the potential economic and institutional impact of the mass retirement on Nigeria’s financial sector.
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