Reps to Investigate CBN's Layoffs of 600 Staff

The House of Representatives on Wednesday has decided to investigate the events that led to the recent dismissal of approximately 600 employees of the Central Bank of Nigeria. 

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

The Central Bank had justified its decision to lay off some employees as part of efforts to restructure for improved efficiency. 

Gbefwi pointed out that the CBN has been reducing its workforce as part of a comprehensive reform, resulting in the termination of around 600 employees, including directors and almost all staff members in the Governor’s Directorate.

He stated that the recent reduction in staff by the central bank has sparked notable worries and disputes among various parties, such as the impacted workers, trade unions, and the public.

He expressed regret that the individuals impacted by the CBN's decision are highly skilled professionals whose expertise may end up being utilized in Europe and America, potentially resulting in a loss for the country. 

He expressed concern that these layoffs, conducted without proper hearings or review panels, could lead to significant financial settlements for the nation.

"The civil service rules dictate that a director can serve for two terms of four years or until they reach 60 years of service, whichever comes first, similar to permanent secretaries. 

Can the expertise being discarded be easily replaced? 

The House is concerned about the impact on staff morale and career progression. Many individuals pursue careers in the civil service with the goal of reaching the level of their superiors and mentors who have trained them. 

Witnessing their bosses being treated disrespectfully and unfairly may convey the message that professionalism and dedicated service to our nation, Nigeria, are not valued.

Following the motion's adoption, Deputy Speaker Benjamin Kalu, presiding over the session, has instructed the Committees on Banking Regulations and Federal Character to investigate the CBN reforms that resulted in staff downsizing and to provide a report to the house within four weeks."