E-Financial
CBN did not Force 1000 Workers to Resign- Cardoso
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.
First Securities Brokers Limited, the stockbroking subsidiary of First Holdco Plc, recently announced its impressive performance in the latest Nigerian Exchange (NGX) Broker Performance Report. The firm secured first place in terms of trading volume and value of transactions for the month of July, 2025.
According to the report, First Securities Brokers Limited displayed strong trading activity and strategic market positioning, further solidifying its reputation as a significant player in the capital and equities market.
Fiona Ahimie, Chief Executive Officer and Managing Director of First Securities Brokers Limited expressed her pleasure at the firm’s achievement of a trading value of ₦414.457 billion, which accounts for 22.80% of the total trading value reported by the NGX during the review period. This performance highlights the effectiveness of the integrated model promoted by First Holdco Plc.
The Holding Company’s strategic focus on synergy within the Group played a crucial role in enhancing the performance of First Securities Brokers Limited.
“This remarkable achievement reflects the hard work and dedication of our entire workforce, as well as the trust our clients continue to place in us. It underscores our growing influence and effectiveness in the Nigerian equities market,” she added.
“Our focus on providing innovative and seamless trading solutions, coupled with deep market expertise, has been crucial to driving this success. We are not just a brokerage firm; we are strategic partners in our clients’ financial journeys. This recognition further motivates us to deliver exceptional value.”
“We remain committed to creating long-term value for our clients and stakeholders. Building on this momentum, we will continue to enhance our service offerings and further establish our position as a key driver of growth and development in the Nigerian financial market.”
Central Bank of Nigeria (CBN) has said that it plans to pursue civil, administrative, or criminal sanctions against parties found to have breached foreign exchange (FX) rules, following the conclusion of a forensic audit into undelivered forward contracts.
A document titled Frequently Asked Questions (FAQ) on the Settlement of Undelivered Forward Contracts, published on the Bank’s website on Thursday, revealed the development.
The audit, conducted by Deloitte from September 2023, reviewed transactions under the Retail Secondary Market Intervention Sales (RSMIS) window.
The document read, “The Central Bank of Nigeria is reviewing appropriate legal action against parties found to have violated applicable rules and regulations, based on the findings of the forensic audit. The Bank will collaborate with law enforcement and regulatory agencies to pursue civil, administrative, or criminal sanctions, as necessary.”
According to the apex bank, the contracts involved upfront naira payments in exchange for promised US dollar delivery on future dates—many of which went unfulfilled.
The CBN said the audit was necessary to verify the legitimacy of these contracts, protect FX reserves, and uphold regulatory standards.
The findings revealed extensive irregularities, including mismatches in beneficiary identities, exaggerated FX requests, use of incorrect or blank Form M submissions, and approvals for non-permissible imports.
The CBN noted that certain transactions were based on vague or false documentation, while others involved companies that lacked authorisation for the items they sought to import.
In several cases, the approved FX sale value exceeded the declared cost of the imported goods, raising questions of misrepresentation.
According to the CBN, such infractions rendered the contracts void under Nigerian law and ineligible for FX settlement.
Only verified and compliant contracts were honoured.
The Bank clarified that the affected counterparties had been given the opportunity to respond during the audit process before any contract was invalidated.
For those deemed invalid, the naira previously collected was refunded, but no FX was disbursed.
The CBN has declared the audit process closed and not open to appeal, citing the independence and procedural fairness of the review.
“The audit conclusions were based on a rigorous process carried out by an independent forensic expert (Deloitte), acting pursuant to a transparent mandate.
“The auditor contacted the authorized dealer banks concerning those contracts to get their explanations of the infractions before reaching conclusions on them. The findings have therefore met procedural fairness standards. The case of undelivered forward contracts is now concluded and closed,” the document stated.
Earlier in March 2024, the CBN announced the complete clearance of the valid foreign exchange backlog.
This was after Olayemi Cardoso, governor, CBN, in February, disclosed that about $2.4 billion foreign exchange backlog is not valid for settlement.
Cardoso clarified that out of the initially reported $7 billion FX liabilities of the federal government, about $2.4 billion were identified as invalid following a forensic audit by Deloitte Management Consultants.
Earlier report showed that CBN officially concluded the forensic audit into undelivered forward foreign exchange (FX) transactions and refunded the value of all unfulfilled and unvalidated deals to banks in naira.
The development was contained in a letter dated August 4, 2025, signed by Okey Umeano, acting director of the Financial Markets Department, and addressed to all authorised dealer banks.
The letter noted that all validated transactions had been paid, while the local currency equivalent of outstanding and unverified transactions had been returned to the banks.
A High Court in Abuja has awarded a fine of N85 million against Zenith Bank Plc for freezing a customer’s bank account by relying on an invalid court order.
Justice S. U. Bature, in a judgment, also ordered the bank to immediately unfreeze the account domicile in its branch at 63, Usuma Street, Maitama, opposite Transcorp Hilton Hotel, Abuja.
Justice Bature directed the bank to publish a public apology to the customer, Abhulimen & Co, in two national newspapers and on its website.
The judge held that the bank acted on an invalid order made by a Magistrate Court that lacked the requisite jurisdiction.
Justice Bature further held that the decision of the bank and the Nigeria Police Force (NPF), the 2nd defendant in the suit, to freeze the customer’s account, based on a supposed order by the Magistrate Court, without notifying the said customer, was illogical and a betrayal of the banker-customers’ relationship between parties.
The judge said it was unfortunate that a major financial institution like Zenith Bank, with a Legal Department, supposedly manned by lawyers, would claim to have acted based on an invalid order by a Magistrate Court that lacked the jurisdiction to entertain any banking related case, including issuing orders for the freezing of a bank account.
The judgement was delivered on July 16 but its certified true copy (CTC) made available to newsmen on Thursday in Abuja.
Paulyn O. Abhulimen, SAN, trading under the name and style of Abhulimen & Co, had, in the suit marked: FCT/HC/CV/2194/2024, sued the Zenith Bank and NPF as 1st and 2nd defendants.
Abhulimen sued through the law firm of Kehinde & Partners LP, claiming that, in early 2024, after being unable to access the account of her firm, Abhulimen & Co, and make transactions with it, she discovered that the bank placed a post-no-debt (PND) on it.
She claimed to have subsequently contacted an official of the bank, who is in charge of the account, Obi Okafor.
She said Okafor told her about the development, following which the bank, in March 13, 2024 claimed to have frozen the account based on an order obtained by the NPF from a Chief Magistrates Court in Mararaba Gurku, Nasarawa State.
Delivering the judgment, Justice Bature said: “The said account was opened at the first defendant’s (Zenith Bank’s) Transcorp Hilton branch, here in Abuja, and the 2nd defendant (NPF) is also domiciled in Abuja.
“The rationale behind seeking the said order at a Magistrate Court under the Nasarawa State jurisdiction cannot be understood, and the 2nd defendant did not appear, to be able to give any explanation or reason as to why they decided to follow this line of action.
“The said Magistrate Court lacked the territorial jurisdiction to entertain the application.
“Regarding the substantive jurisdiction of the court to make the order, it is clear from the provisions of Section 251 of the Constitution of the Federal Republic of Nigeria (1999 as amended), that matters relating to banks and banking transactions are within the exclusive jurisdiction of the Federal High Court, and matters relating to banker-customer disputes are jointly under the jurisdiction of the Federal High Court, State High Courts and High Court of the FCT,” Justice Bature said.
According to the judge, from the foregoing, it is clear that Magistrate Courts lack the jurisdiction to entertain an application for an order to freeze a bank account of a person, and should not have entertained the said application in its entirety.
“The legal department of the first defendant (Zenith Bank), being lawyers, should have been aware of this position of the law and taken the appropriate action in this situation, as they ought not to have obeyed the court order in the first place.
“Thus, the 1st defendant was wrong to have placed a PND on the account of the claimant based on the order of a court lacking the requisite jurisdiction to do so. I so hold,” the judge held.
The judge faulted the failure of the bank to inform the claimant about its decision to freeze her company’s account, describing it as a breach of the duty of care it owed to its customers.
Justice Bature said: “It is the humble opinion of this honourable court that, the first defendant owed the claimant a duty of care of duly informing her that her account had been frozen.
“The 1st defendant placed a post-no-debit on the account of the claimant’s firm, but same was not communicated to the claimant until she encountered difficulties in the use of the said account.
“It is the humble opinion of this honourable court that, the 1st defendant owed the claimant a duty of care of duly informing her that her account had been frozen
“The failure of the 1st defendant to inform the claimant of the state of affairs on her account amounts to negligence on the part of the 1st defendant and hence, a breach of duty of care and due diligence owed to the claimant. I so hold,” Justice Bature said.
Having found that the bank and the NPF acted unlawfully, the judge proceeded to declare among others, that an order to freeze a bank account cannot validly be granted ex-parte to last indefinitely.
He also declared that the Chief Magistrate Court of Nasarawa State, sitting at Mararaba Gurku, lacked the requisite jurisdiction to make an order to freeze the claimant’s Zenith Bank Plc’s account number: 1012272348, based on an ex-parte application.
“The defendants are hereby ordered to jointly and severally pay the sum of N60 million to the claimant as general damages for the embarrassment, psychological trauma, financial distress, emotional stress and grave inconveniences suffered by the claimant due to the defendants’ actions.
“The defendants are hereby ordered to jointly and severally pay the sum of N25 million to the claimant as cost of this action,” Justice Bature declared.
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