House Of Reps To Probe CBN Retrenchment Of 600 Staff Members

The House of Representatives has initiated an inquiry into the Central Bank of Nigeria’s (CBN) recent termination of approximately 600 employees.

This decision was made following the approval of a motion on urgent public importance presented by the lawmaker representing Karu/Keffi/Kokona Federal Constituency of Nasarawa State, Mr. Jonathan Gbefwi, during the plenary session on Wednesday.

The CBN justified the layoffs at the apex bank, which included dismissing directors and nearly all staff in the Governor’s Directorate, as necessary to enhance operational effectiveness.

However, the move has sparked a significant public backlash and concern among various stakeholders, including the affected employees, labour unions, and observers.

Mr Gbefwi expressed particular concern about the impact of these layoffs, noting that the bank had laid off highly skilled professionals, potentially driving a brain drain to Europe and America.

He emphasized the loss of experienced and meritorious staff could leave the country significantly disadvantaged.

Moreover, he highlighted the broader implications for staff morale within the civil service, suggesting that the manner of the dismissals sends a disheartening message about the value of professionalism and dedication in Nigeria’s public sector.

“The abrupt dismissals, without fair hearings or panels, might not only demoralize current employees but could also lead to substantial financial settlements,” Gbefwi stated, underlining the urgency of the matter.

Responding to these concerns, Deputy Speaker Benjamin Kalu, who presided over the session, has tasked the Committees on Banking Regulations and Federal Character to conduct a thorough investigation into the circumstances and rationale behind the CBN’s decision.

The committees have been given a four-week deadline to gather information, assess the situation, and report their findings back to the House.