The Speaker of the House of Representatives, Tajudeen Abbas, [/b]has called on the Central Bank of Nigeria (CBN) [/b]to explain the dismissal of approximately 1,000 staff members and the subsequent ₦50 billion compensation paid to them.
Abbas made this appeal during the opening of an investigative hearing by the House Ad-hoc Committee, tasked with examining the CBN’s decision to terminate staff, on Friday in Abuja. The hearing is part of an effort to investigate the reasons behind the staff layoffs and ensure that the proper procedures were followed in such a decision that has significant social and economic consequences.[/p>
During the hearing, Abbas emphasized the need for the committee, led by the Chief Whip of the House, Bello Kumo, to conduct a thorough investigation into the rationale behind the CBN's action. He highlighted the importance of understanding the reasons behind the layoffs, especially considering the current economic climate in Nigeria, which has been challenging for many individuals and families across the country.
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, and we will not leave any stone unturned in ensuring that justice is served.”
“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. This is a matter that affects many lives, and we must ensure that we get to the heart of the issue,” Abbas added.
“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. The public has a right to know whether the calculation of this substantial sum was handled appropriately.”
Abbas further stated, “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. It is crucial that this balance is properly maintained.”
He concluded by calling on the central bank and other relevant government agencies to fully cooperate with the panel to ensure it successfully fulfills its mandate. Abbas emphasized the importance of transparency and accountability in this investigation, stating that it is necessary to safeguard both the interests of the affected employees and the public trust in government institutions.
