CBN denies targeting northerners with early exit package

The Central Bank of Nigeria (CBN) has dismissed claims that its 2024 Early Exit Package (EEP) was designed to target or marginalize staff from Northern Nigeria, insisting that the initiative was entirely voluntary and aimed at decongesting its overcrowded headquarters in Abuja.

CBN Deputy Governor in charge of Economic Policy, Muhammad Abdullahi, made the clarification on Wednesday during a two-day interactive session on governance and citizen engagement in Kaduna, organised by the Sir Ahmadu Bello Memorial Foundation.

Addressing participants during a plenary on governance and the economy, Abdullahi said the EEP was introduced to ease congestion at the bank’s Abuja headquarters, which had become so packed that even emergency exit routes had been converted into office space—posing serious safety and health concerns.

“The headquarters was overcrowded to the extent that insurance companies raised red flags about the safety of the building, warning that it could no longer be adequately covered under existing policies,” Abdullahi said.

He explained that the bank has well-equipped offices in Lagos, Kaduna, and other parts of the country capable of accommodating many of the affected staff, and noted that those who have been relocated are thriving.

“Some of the staff transferred to Lagos and Kaduna are now so satisfied with their new postings that they have no interest in returning to Abuja,” he said. “It’s not an agenda against any group.”

Abdullahi stressed that early exit schemes have long been a part of the bank’s internal restructuring process and have been implemented whenever there is a bloated management structure.

“The initiative has been in place for over two decades. When the top gets heavy, a committee—comprising staff—is set up to recommend an offer for interested employees. It is entirely voluntary, not mandatory,” he said.

According to him, several staff members embraced the exit package and used the opportunity to start new ventures, including microfinance banks.

“It’s a chance for those who want to move on and do something else with their lives,” he added.

Reacting to reports that 16 directors—allegedly all Northerners—were targeted for removal, Abdullahi described the claim as misleading and dangerous.

“There are still many directors from the North serving in the bank,” he said. “The narrative being pushed by some individuals is false and meant to incite the public.”

He cited an example involving the son of the Secretary to the Government of the Federation, who was also affected by the transfer policy and moved to Lagos.

“Nobody was exempted. It is a general policy of the bank and should not be politicised. People should be wary of unpatriotic elements spreading disinformation,” Abdullahi cautioned.