Ex-CBN Workers Challenge Governor’s Claims, Demand Justice Over Forced Disengagements

Ex-CBN Workers Challenge Governor’s Claims, Demand Justice Over Forced DisengagementsFormer employees of the Central Bank of Nigeria (CBN) have disputed CBN Governor Olayemi Cardoso’s claim that no staff were forced to leave the institution. The governor made this statement while appearing before the House of Representatives Ad-Hoc Committee investigating the Early Exit Program (EEP).....KINDLY READ THE FULL STORY HERE▶

Represented by the Deputy Governor of Corporate Services, Mohammed Bala Bello, the CBN maintained that the EEP was a voluntary program introduced in response to staff requests. Bello emphasized that participation in the program was entirely voluntary, with incentives offered to those who chose to leave, and insisted that no staff member was coerced into exiting.

However, when pressed about staff disengagements that took place before the EEP was launched, Bello admitted that some employees had been retired earlier. He assured that these individuals had received their full benefits as outlined.

In response, disgruntled former employees accused Governor Cardoso of omitting crucial details during the committee hearing. Speaking to Daily Trust, they claimed that over 200 confirmed and pensionable staff, including senior executives, were unjustly retired under the pretext of restructuring and reorganization.

They argued that these actions violated Section 14(4) of the CBN Act, which requires Board approval for the appointment and disengagement of staff at the Assistant Director level and above. They questioned how the Governor and his deputies could justify the disengagement of staff, including senior executives, without a formal restructuring program or the necessary Board approval.

The former employees also alleged that Bello misrepresented facts by suggesting the Board had not been constituted when the disengagements took place. According to them, the Board was formally inaugurated following the Senate’s confirmation of its members on February 29, 2024—nearly two weeks before the retirements began on March 15, 2024.

The former staff are now calling for a full investigation, accusing CBN’s leadership of overstepping its authority and violating due process.