When the Ahmadu Bello Memorial Foundation Kaduna organised a session to assess the performance of President Bola Tinubu in the northern region in the first half of the administration’s term, few, if any, expected the Early Exit Package (EEP) of the Central Bank of Nigeria (CBN) to draw attention. This is because the matter has been adequately addressed by both the apex bank and some of the officers who voluntarily took the option.
For those who may not know, the EEP was introduced in 2024 by the CBN as an internal arrangement to streamline its workforce. But the way the story was reported by the media led to an unnecessary controversy, ultimately leading to the appearance of the CBN Governor Yemi Cardoso before an investigative hearing of the House of Representatives’ ad-hoc committee on the issue.
It was at that hearing at the National Assembly that Mr Cadoso, represented by Deputy Director, Corporate Service of the CBN, Bala Bello, for the umpteenth time, explained to the Nigerian lawmakers that the affected persons opted to disengage voluntarily with payment of full benefits. “I’m very happy to mention that the early exit program of the CBN is 100 per cent voluntary. It’s not mandatory. Nobody has been asked to leave, and nobody has been forced to leave. It’s a completely voluntary programme that has been put in place,” he had said. So the matter died a natural death because the lawmakers got to understand the policy.
But at the session organised by the Ahmadu Bello Memorial Foundation in Kaduna, the Arewa Consultative Forum (ACF), is a regional, politico-sociocultural association, made an unsuccessful attempt to resurrect the dead issue. Speaking through its board chairman Dr Bashir Dalhatu, the ACF said the northern region significantly contributed to the victory of President Bola Ahmed Tinubu in the 2023 elections, but has not adequately been compensated for its support.
He specifically mentioned the apex bank, saying “We are not happy about government officials who make decisions that are painful to us. We want to know the reasons for the relocation exercise? Why are the voluntary retirements, why the recent employment of 16 directors, of which only four are from northern Nigeria, by the Central Bank of Nigeria?”
Clearly, an attempt was made to politicize the matter especially at a time when talks about the 2027 elections are dominating discussions.
Luckily for the apex bank, it didn’t fall victim to ACF’s single, political narrative. The Bank’s Deputy Governor on Economic Policy, Muhammad Sani Abdullahi, who was also in Kaduna at the two-day interactive session, effectively separated the wheat from the chaff. As a former top official of Kaduna State Government from 2015 to 2023, Abdullahi is no stranger to the antics of politicians.
Focusing on the issues, Abdullahi explained how the Abuja headquarters of the apex bank was so congested that people were finding it difficult to perform the simplest of tasks. “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.Due to the crowded and suffocating space, the insurance company expressed serious concerns about securing the building with its insurance policy, hence the need for decongestion,” he explained.
Abdullahi also said the apex bank has been practicing early exit in the last 20 years, particularly when the management at the top is very heavy. “When such is observed, the governor will constitute a committee comprising the staff members, and they will come out with an offer, but only for those who want to take it. It is voluntary, not forced on anyone. Some workers were very happy to take the exit offer and establish a microfinance bank.”
In conclusion, the Arewa Consultative Forum’s attempt to politicize the CBN’s Early Exit Package and relocation exercise ultimately fell flat, thanks to the clarity provided by CBN officials. The facts show that the package was voluntary, and the apex bank’s decisions were driven by operational needs rather than regional biases. As Nigeria navigates complex economic and political landscapes, it’s essential to rely on facts and data-driven decision-making rather than speculation and politics. The CBN’s transparency and commitment to merit-based processes should serve as a model for other institutions.
- Nasir writes from Abuja
