Nigeria's Central Bank implements exit program for over 1,000 employees, facing legal challenges and scrutiny.

The Central Bank of Nigeria (CBN) has implemented a voluntary exit program for over 1,000 employees due to technological advancements, though the program has faced scrutiny. Critics argue it could lead to a loss of institutional knowledge and economic instability. The House of Representatives is investigating the N50 billion compensation package, and some employees plan to start their own banks. The Arewa Youth Assembly has called for adherence to federal character principles, while 33 former employees have filed a lawsuit alleging violation of labor laws and contractual rights.

2 months ago
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