Tajudeen Abbas questions CBN on sacking 1,000 Staff amid hard times

The Speaker of the House of Representatives, Tajudeen Abbas, has called on the Central Bank of Nigeria (CBN) 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.

He urged the committee, led by the Chief Whip of the House, Bello Kumo, to thoroughly investigate the rationale behind the action, particularly in light of the nation’s ongoing economic challenges.

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.

“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.

“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.

“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.”

He called on the central bank and other relevant government agencies to fully cooperate with the panel to ensure it successfully fulfills its mandate.