CBN: The exit package is not intended for Northerners.

According to the Central Bank of Nigeria (CBN), the Early Exit Package (EEP), which was introduced in 2024, was completely voluntary and had no intention of targeting or destabilising Northerners employed by the top bank.

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Muhammad Abdullahi, the Bank’s Deputy Governor on Economic Policy, reaffirmed this yesterday during a two-day Interactive Session on Government-Citizens Engagement held in Kaduna by the Sir Ahmadu Bello Memorial Foundation.
Speaking during the plenary on governance and the economy, Abdullahi stated that the bank was overcrowded at its Abuja headquarters and had extended an opportunity to anyone who wanted to leave, but only with a sizable payout.

He stated: “The bank’s headquarters was so packed that there was no room; the building’s limited space and exits were turned into offices, which is unhealthy for the employees.”  “The insurance company expressed serious concerns about securing the building with its insurance policy due to the crowded and suffocating space, which is why decongestion is necessary.”

In the meantime, the Bank’s offices in Lagos, Kaduna, and other locations have enough of space to accommodate many employees from the headquarters.  Some of the employees who were transported to Lagos and Kaduna are now so content that they have no desire to return to Abuja. It is not intended to harm anyone.

According to Abdullahi, the apex bank has been engaging in early exits for the past 20 years, but they were carried out when the top management was extremely powerful.   As soon as this is noticed, the governor will form a committee with staff members and they will make an offer, but only to those who are interested. No one is coerced into it; it is entirely choice.

“It is an opportunity for those who want to move forward and do other things with their lives,” Abdullahi stated, adding that some employees were thrilled to accept the exit offer and start a microfinance bank.

Many of the 16 directors at a Nigerian bank are from the northern region, according to Abdullahi, who denounced the dissemination of false information about them. He asked people to resist believing the bogus news that is being disseminated by unpatriotic elements. Abdullahi added that the bank had a policy of moving the son of the Secretary to the Government of the Federation from Abuja to Lagos.

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