Over 30 disengaged staff of the Central Bank of Nigeria (CBN) have taken the apex bank to the National Industrial Court of Nigeria in Abuja.

They alleged gross misconduct and violation of their constitutional rights.

The staff, who were laid off in a mass redundancy last year, claim that the CBN terminated their appointments without following due process, leaving them in a state of emotional distress and financial hardship.

At the heart of the dispute is the CBN‘s alleged failure to adhere to its own human resources policies and procedures manual, as well as Section 36 of the Nigerian Constitution, which guarantees the right to a fair hearing.

The claimants argue that the termination process was arbitrary, illegal, and unconstitutional, and that they were denied the opportunity to defend themselves against the allegations leveled against them.

The staff, who are represented by Okwudili Abanum in a class action lawsuit, are seeking a declaration that their dismissal was null and void, as well as a restraining order to prevent the CBN from terminating their employment without following proper procedures.

The Punch reports that the affected staff are also demanding their immediate reinstatement and payment of salaries and benefits from the date of termination.

Furthermore, the claimants are seeking N30 billion in general damages for psychological distress, hardship, and reputational harm caused by the dismissal, as well as an additional N500 million to cover the cost of the suit.

Securities and Exchange Commission (SEC) has said that it will intensify efforts to eliminate Ponzi and pyramid schemes, thereby fostering an environment for genuine investment opportunities to thrive in 2025.

Dr Emomotimi Agama, director general, SEC, said this in his New Year message to the capital market community on Sunday that protecting investors remains a cornerstone of the commission’s mission.

Agama also said that the commission would prioritise key initiatives aimed at deepening market integrity, enhancing investor confidence and driving economic growth.

According to him, SEC is positioned with a dual mandate in regulating and developing the capital market in Nigeria.

“Naturally, our top priority in 2025 will cut across the dual mandate. For us, mainstreaming the Nigerian Capital Market into the economy is very vital.

“Enforcement is the backbone of effective regulation. We are revamping our investigative processes to enhance efficiency and hold bad actors accountable more decisively.

“Insider trading undermines activities and dampens market fairness. By revising our regulatory framework, we aim to strengthen detection, prevention, and accountability mechanisms.

“Transparency is at the heart of investors confidence and capital markets. We will introduce measures to ensure greater visibility and trust in securities transactions,” he said.

The director-general added that to resolve market disputes efficiently and fairly, the commission was focusing on enhancing the operations of the Investments and Securities Tribunal (IST).

He noted that these efforts aim to make the tribunal more effective in delivering timely resolutions, thereby improving overall efficiency in the process.

Agama stated that key focus for the commission in 2025 is strengthening the legal framework of the commodities market to enable it attain its full potential of aiding economic development.

The director-general said that taking that comparative advantage to the next level, is something that the commission is proud to be part of.

Agama said this year, SEC would focus on reinforcing the legal and regulatory structures that support growth to create a solid foundation for the vibrant commodities ecosystem, be it soft or hard commodity.

“More so, when we have a plethora of commodities all over Nigeria. SEC as a partner in development will make sure that we make the difference,” he said.

Agama said that these initiatives reflect the commission’s vision for a stronger and more inclusive capital market in 2025, adding that SEC is committed to building wealth, instilling confidence and making impacts.

The SEC boss said: “As we embark on this journey, I invite all stakeholders to work with us in achieving these goals.

“Together, we can unlock the potentials of the Nigerian capital market and make this a defining year for our economy.

“What we intend to do, is to steer the capital market towards a direction that ensures that development gets to the doorstep of every Nigerian.”

Mr. Olayemi Cardoso, governor, Central Bank of Nigeria (CBN), on Friday disclosed that the ‘Early Exit Program’ was 100 percent voluntary exercise initiated by the staff of the apex bank.

Mr. Olayemi Cardoso, governor, Central Bank of Nigeria

Mr. Cardoso disclosed this in Abuja during the resumed investigative hearing into the payment of N50 billion terminal benefits to the 1,000 staff of the apex Bank, held at the instance of the Ad-hoc Committee chaired by Hon. Usman Bello Kumo.

The CBN governor who was represented by Mr. Bala Bello, deputy director, Corporate Service, CBN, argued that “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 maintained that the “Early Exit Program and the Restructuring as well as Reorganization are basically ways and means through which the performance of an organization is optimized by putting, ensuring that round pegs are put in right holes. The manpower requirement of the bank is actually met.

“The manloading, which is the key responsibilities, key performance indicators of the bank, vis-a-vis the number of people driving the performance of that bank, is at a level where it’s optimum, balancing the human resource requirement, the capital requirement, the skill requirement, as well as the IT requirement of the bank.

“You are very much aware, Chairman, the entire world is going through a process of digitizing its operations. And then once that is done, a lot of opportunities are created, just like a lot of redundancies are also equally created.

“And you have had instances in which, in the past, the request for staff to actually exit the bank voluntarily actually emanated on the part of the staff. And I believe Central Bank is not necessarily the first organization to have done that. I’m very happy to mention, Mr. Chairman and members of the committee, the early exit program of the Central Bank is 100 percent 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.

“I believe several organizations across the world, and even within this country, both in terms of the private sector and the public sector, are undertaking similar exercises. So nobody has been asked to leave. But people who are based on popular demand, I have to be humble, with a lot of humility, to tell you that this same program that is taking place is not at the instance of the bank itself.

“Of course, we have our own challenges, and we know where we want to take the bank to. That’s Cardoso and his team, myself included. But this popular request actually came from the staff.”

According to him, “In the past, you have had instances in which cases of stagnation and lack of career progression appears. I mean, in an organization, you’ve got a pyramid where from each level to the next level, you know, the gap keeps narrowing. If not, you are going to have like a quasi-organization, inverted pyramid.

It doesn’t work. It gets to the level where you have, for example, 30 departments in the Central Bank. You cannot have 60 directors, manning 30 departments. It’s not going to work. So, once those vacancies are filled, it gets to a level where some people, even though they are very qualified, they are very able, and they are very willing, but the vacancies are not there. And then they got to a level where they are stagnated for a period of time.

“There are several instances in which similar exercise took place in the Central Bank, which has happened several times. This is not the first time. It’s not the second time. It’s not the third time. It’s several times. You’ve had instances in which people at the top request that, look, it’s going to take me X number of years to actually aspire to become a director in an organization. But right now, there’s no vacancy. And the person sitting next to me probably has eight years to go. Meanwhile, I have seven.

“So there’s no career growth. And a lot of opportunities are out there. For example, among the people that have left, there are, like, three or four people who are going to set up a bank.

“The approach that we told them, literally, anything you want to do, if you need the support of the Central Bank, you are done. So the popular demand then was at the top, people that are stagnated, people that don’t have any career progression any longer, they have reached their peak, and they are willing to go and take other risks before they get to an age where they become scared to take risks.

“You know, those programmes are actually put in place to ensure that those people are given an opportunity to actually, you know, exit to go and start other things with their lives.

“But in this particular case, based on popular request, and I came with the Union Leader of the bank, the staff requested that in this case, similar opportunity should be extended to other categories of staff. In the entire system, in the entire period, in the entire time that similar exercise has taken place, it’s only people within a certain cadre, within the director cadre. The deputy director, directors who feel they want to go and start some other things, and assistant directors are given.

“But for the first time in the over 60 years history of the bank, the early exit program is extended to everybody who is actually willing to take it. And this came at the instance of the staff. So it’s not mandatory, it’s not compulsory, there’s no coercion, there’s no forceful exit, and there’s no intimidation for anybody to take it.

“In fact, when this same thing has been, you know, approved, was approved by the bank, and it was open, the number of staff that actually came forward to take it was even very amazing. Like I told you, there are some other people that are even thinking of going to start with the bank. So if the impression comes to this place that we are laying off, nobody is going to do this. It’s the line of anybody. Nobody did it. It’s an entirely voluntary exercise on the part of the bank.

“Those who want to take it, took it, and those who don’t want to take it are still in the bank.”

Speaking further, the CBN helmsman maintained that the Early Exit Program and the Restructuring as well as Reorganization are “all about optimization and making sure that the organization, vision, and mission is aligned with the manpower you come in, considering the manloading.

“The manloading is how many people does it take to do a particular job, and how many hours do you need to put. For example, if you are going to spend 40 hours, and you have like 10 people to do two jobs, well, it doesn’t hurt anybody. These are Nigerians, if they are there, they don’t hurt anybody. But there are people who are actually voracious. They want to do more.

“These are the people who feel that if we have this opportunity, we can go and start all that. And it was absolutely going to, and you can call me anytime, anywhere, and that’s what it is. Nobody has been forced to leave. Nobody has been dictated to leave. Nobody has been stamped into leaving at all. It’s strictly voluntary.

“If nobody had taken it, we would have just closed it. But this came as a result of popular demand. Like I said, I came with a representative from the staff unit to actually say it here.”

Speaking earlier, Chairman of the Ad-hoc Committee, Hon. Usman Kumo who assured that the Ad-hoc Committee will be fair to all the parties involved in the investigation, noted that the Committee’s responsibility is to submit the report to the House.

He said: “Let me start by saying that the House of Representatives, the 10th National Assembly, understand that CBN is implementing the Restructuring, Reorganizing and the Early Exit Program. I don’t know whether the CBN Governor can explain or brief this committee the objectives of the Restructuring, Reorganizing and the Early Exit Program to this committee.

“And two, can you explain the Early Exit Program and what you intend to achieve with it? When it starts, when it will end, and what is the connection? Between the Reorganization, Restructuring and the Early Exit Programme,” the House Chief Whip inquired.

After the CBN Governor’s presentation, Hon. Kumo asked: “What is the connection between this exercise, this early exit exercise, and the one you embarked on between March and May, where you lay off about 300 staff from the CBN? Is it part of this?”

While responding, Mr. Cardoso said: “The two exercises are actually different. Whereas the exercise that you are mentioning, people were, nobody was actually terminated or dismissed. People were retired with their full benefits. For us to have opportunities to reinvigorate and bring in new blood or new perspectives to how things are done. So that was, at the instance of the bank, people were actually retired with their full benefits.

“This one that is taking place, or is taking place now, because it actually closes by the end of the year, which is just on Tuesday, is strictly voluntary.

“So, there are two different things altogether. But if you take the two together, and you juxtapose it within the context of the overall strategy to streamline the operations of the bank, to refocus the operation of the bank, to reinvigorate the operation of the bank, to re-energize the operation of the bank, you can take the two together as leading to the same objective.

“Whereas one, people were retired with their full benefits. The other was actually absolutely voluntary,” the CBN helmsman explained.