Reps blow hot, set to investigate CBN’s retrenchment of 600 employees 

Elizabeth AtimeMay 29, 20243 min

Reps blow hot move to probe CBN’s retrenchment of 600 employees including directors, with almost all staff members in the Governor’s Directorate being terminated.

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On Wednesday, the House of Representatives resolved to investigate the conditions surrounding the recent dismissal of approximately 600 employees from the Central Bank of Nigeria (CBN).

This was a sequel to a motion of urgent public importance moved by Rep. Jonathan Gbefwi (SDP, Nasarawa), during a plenary session on Wednesday.

It could be recalled that the apex bank announced last week that it would be laying off some staff members to better position the bank for more effective operations.

Rep Gbefwi noted that the CBN has been downsizing its workforce as part of an extensive reform. This downsizing has impacted nearly 600 employees, including directors, with almost all staff members in the Governor’s Directorate being terminated.

The recent downsizing by the apex bank has raised significant concerns and controversies among stakeholders, including the affected employees, labour unions, and the general public.

He lamented that those affected by the CBN’s action are top-notch professionals, whose skills may be lost to Europe and America, thereby leaving the country short-changed.”

We are concerned that these layoffs, conducted without fair hearings or panels, could result in significant financial settlements for the nation.”

According to civil service rules, directors serve two terms of four years or until they reach 60 years of service, akin to permanent secretaries. Does this imply that their expertise can be readily replaced?”

The concern within the House revolves around the morale and advancement of staff. Many individuals pursue careers in civil service with the aspiration of emulating the success of their mentors and superiors. Witnessing their leaders being treated disrespectfully, akin to criminals, sends a detrimental message that professionalism and meritorious service are not valued nor rewarded in our esteemed nation of Nigeria.”

The motion was unanimously adopted as Deputy Speaker Benjamin Kalu, who presided over the plenary, instructed the Committees on Banking Regulations and Federal Character to investigate the CBN reforms resulting in staff downsizing. They are to report back to the house within four weeks.

Elizabeth Atime

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