The Speaker of the House of Representatives, Tajudden Abbas, has called on the Central Bank of Nigeria (CBN) to provide a clear explanation regarding the termination of over 1,000 staff members and the subsequent payment of a ₦50 billion severance package. Abbas made the call during the opening of an investigative hearing by the Ad-hoc Committee of the House, which is probing the CBN's staff layoffs.
The hearing, held on Friday in Abuja, was chaired by Chief Whip of the House, Bello Kumo, who was tasked with investigating the reasoning behind the mass sackings, especially amid the current economic challenges facing the nation. Represented by Deputy Speaker Benjamin Kalu, Abbas stressed the importance of transparency and protecting the welfare and rights of the affected employees.
Abbas requested that the committee examine the process that led to the determination of the ₦50 billion severance package, questioning whether due diligence, fairness, and due process were followed in its allocation. "We must understand the rationale behind the decision to lay off over 1,000 staff members, particularly during these trying times. The impact of such a large-scale workforce reduction cannot be understated, and the welfare of these individuals, their families, and the wider economy must be considered," Abbas stated.
He further emphasized that while the CBN has the right to pursue operational efficiency, such decisions should not come at the expense of employee welfare and institutional stability. Abbas also urged the apex bank and relevant government agencies to cooperate fully with the investigative committee to ensure a thorough examination of the issue.
This investigation underscores the critical need for balanced decision-making, especially when dealing with major workforce reductions in the public sector, and seeks to ensure that such actions are in line with the principles of fairness and transparency.
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