Reps Speaker demands explanation from CBN on 1,000 staff layoffs
The Speaker of the House of Representatives, Tajudeen Abbas, has urged the Central Bank of Nigeria to provide clarification on the sacking of about 1,000 staff members and the subsequent payment of a N50 billion compensation package to the disengaged persons.
Abbas made the demands while declaring open an investigative hearing of the Ad-hoc Committee of the House, investigating the CBN’s termination/dismissal of members of staff, on Friday, in Abuja.
The Speaker tasked the panel chaired by the Chief Whip of the House, Bello Kumo, to probe the rationale behind the decision, particularly in light of the current economic challenges facing the country.
Represented by the Deputy Speaker, Benjamin Kalu, Abbas emphasised the need for transparency in the matter, noting that the welfare and rights of the affected employees must be protected.
Abbas also charged the committee to examine the process by which the N50bn severance package was determined.
A statement issued by the Chief Press Secretary to the Deputy Speaker, Livinus Nwabughiogu, on Saturday, quoted Abbas as saying, “The committee has been tasked with examining several critical aspects of this issue.
“First, we aim to understand the rationale behind the decision to lay off over 1,000 staff members, particularly during these challenging economic times. The impact of such a significant workforce reduction on the individuals, their families and the broader economy cannot be overlooked.
“Furthermore, the committee will scrutinise the process through which the N50bn severance package was determined. We must ascertain whether the principles of due diligence, fairness and due process were strictly adhered to in arriving at this figure.”
Abbas said transparency in such matters was key to maintaining public trust and ensuring the integrity of our institutions.
“As a legislative body, we recognise the widely accepted principle of running a leaner and more efficient government. We also understand the CBN’s prerogative in determining policies that align with its operational efficiency.
“However, it is imperative that such decisions are balanced against the welfare and rights of employees, as well as the long-term implications for institutional stability,” he added.
He urged the apex bank and other affected agencies of government to cooperate fully with the panel to enable it to discharge its mandate.
