House of Reps to Investigate CBN for Dismissing 600 Employees

The House of Representatives is set to investigate the recent dismissal of approximately 600 staff by the Central Bank of Nigeria (CBN).

This inquiry comes after a motion of urgent public importance, introduced by Rep. Jonathan Gbefwi (SDP, Nasarawa) during Wednesday's plenary session, was accepted.

Gbefwi, in his motion, highlighted that the CBN's extensive reform included a workforce reduction that impacted nearly 600 workers, with terminations across the board, including directors and most of the Governor’s Directorate staff.

The move by the central bank has sparked considerable debate and concern among various parties, including the employees affected, labor unions, and the public at large.

Gbefwi voiced his concern over the loss of highly skilled professionals, who may seek opportunities abroad, potentially to the detriment of the country.

He also raised concerns about the manner of the layoffs, which lacked fair hearings or panels, potentially leading to significant settlement costs for the nation.

He pointed out that a director's tenure, as per civil service regulations, is either two terms of four years or until the age of 60, whichever is earlier, likening them to permanent secretaries. He questioned whether the dismissed expertise could be readily replaced.

The morale and career progression of staff are also of concern to the House. Gbefwi argued that witnessing the dismissal of their superiors could demoralize employees and send a negative message about the value of professionalism and dedicated service in Nigeria.

Following the motion's approval, the House directed its Committees on Banking Regulations and Federal Character to delve into the CBN's downsizing actions and report their findings within four weeks for additional legislative measures.

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