The Central Bank of Nigeria (CBN) is under scrutiny by the House of Representatives following its decision to terminate the employment of over 1,000 staff members during the country’s current economic challenges.
Speaker of the House, Tajudeen Abbas, represented by Deputy Speaker Benjamin Kalu, raised concerns during the investigative hearing held by the Ad-hoc Committee in Abuja on Friday, December 20, 2024. The committee, chaired by Chief Whip Bello Kumo, is tasked with uncovering the rationale behind the mass layoffs and ensuring the welfare of the affected employees is prioritized.
Key Points from the Hearing
1. Reasons Behind the Layoffs:
Abbas questioned the CBN’s justification for the staff dismissals, noting their far-reaching impact on the employees, their families, and the national economy.
> “The committee aims to understand the rationale behind the decision to lay off over 1,000 staff members, particularly during these challenging economic times,” Abbas said.
2. Scrutiny of ₦50 Billion Severance Package:
The House also directed the committee to investigate the process used to determine the ₦50 billion severance package for the dismissed employees. Abbas emphasized the importance of fairness, due diligence, and adherence to due process in calculating the payout.
3. Balancing Efficiency and Welfare:
While acknowledging the CBN’s responsibility to optimize its operations, Abbas stressed the need to balance institutional efficiency with employee welfare and long-term stability.
> “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 noted.
4. Call for Cooperation:
Abbas urged the CBN and other relevant government agencies to collaborate with the committee to ensure a thorough investigation.
Committee’s Mandate
The Ad-hoc Committee will examine:
The justification for the mass terminations.
The process of determining the severance package.
The implications of the decision on institutional stability and employee welfare.
Peoplesmind
