The CBN has refuted claims that its 2024 Early Exit Package targets northerners, stating the policy is voluntary and aimed at easing overcrowding in its Abuja office.
Kaduna, July 31, 2025 — The Central Bank of Nigeria (CBN) has firmly rejected claims that its 2024 Early Exit Package (EEP) was designed to marginalize or target employees from the northern region. Speaking during a two-day Interactive Session on Government-Citizens Engagement, organized by the Sir Ahmadu Bello Memorial Foundation in Kaduna, the Deputy Governor of Economic Policy, Muhammad Abdullahi, described the narrative as “misinformed and politically motivated.”
Abdullahi explained that the EEP was introduced to address severe overcrowding at the bank’s Abuja headquarters. He noted that office congestion had reached critical levels, with even emergency exit routes converted into workspaces—raising serious safety and insurance concerns. He said that the bank’s insurance provider had flagged the building as high-risk, prompting management to take action to decongest and improve working conditions.
In response, the bank offered staff members the option to take an early exit package, which he stressed was completely voluntary and not forced on anyone. The package was designed as a generous incentive for employees willing to step aside and pursue other ventures, with many using the opportunity to launch private businesses, including microfinance banks.
Abdullahi emphasized that the program was not a new development, but part of a longstanding policy that the CBN has implemented periodically over the past two decades, particularly when the leadership structure becomes top-heavy. Under the system, a staff-led committee is tasked with developing a package, and participation is left to the discretion of individual employees.
He firmly dismissed the notion that the scheme was regionally biased, pointing out that many senior staff from the northern region remain in the bank’s employment. He also cited the example of the son of the Secretary to the Government of the Federation, who was relocated from Abuja to Lagos, as evidence that the policy affected staff across all backgrounds without favoritism.
According to Abdullahi, some of the employees relocated to CBN offices in Lagos and Kaduna have expressed satisfaction with the move, and many no longer wish to return to the capital. He urged the public to disregard false narratives circulating online, warning that such misinformation only serves to divide the nation and undermine trust in public institutions.
He concluded by appealing to Nigerians to resist being swayed by what he described as "unpatriotic elements" peddling fake news for political or ethnic gain, reiterating that the CBN’s policies are driven solely by institutional needs and strategic planning—not by sectional or discriminatory interests.