Reps begin investigation into dismissal of 600 CBN staff

This decision was made after Representative Jonathan Gaza Gbefwi (Nasarawa, SDP) adopted a motion of urgent national importance.

In his motion, Gbefwi stated on Wednesday, May 29, that the CBN has been reducing its workforce, including directors, as part of its reform efforts.

According to Daily Trust, he stated that the retrenchment's arbitrary nature, conducted without a fair hearing and adherence to established procedures, has sparked controversy.

The lawmaker, in a poignant observation, noted that the arbitrary termination of employees' appointments would not only lower worker morale but also significantly impact their productivity and livelihoods.

He further emphasized that the country, in its pursuit of progress, cannot afford to lose well-trained and capable staff through arbitrary retrenchment by the central bank, a potential loss that could significantly impact the nation's economic stability.

The motion was unanimously approved following a voice vote and was referred to the committees on Banking Institutions and Federal Character, who are to investigate and report back within four weeks.

In a similar report, Senator Ned Nwoko (PDP-Delta North) criticised the dismissal of the CBN staff and urged the Senate to investigate the purge.

On Tuesday, May 28, in Abuja, Nwoko described the sack as “too hasty,” hence the need to probe its circumstances.

He alleged that the apex bank should have consulted with relevant stakeholders, including labour unions, before the exercise.

“The Senate should mandate its committees on Employment, Labour and Productivity, as well as that of Public Service Matters, to investigate the terminations.

“The committees should focus on the rationale behind the action, compliance with labour laws, and the broader socio-economic impact of the exercise,” he said.