Speaker of the House of Representatives, Hon. Tajudeen Abbas, PhD, has requested the Central Bank of Nigeria (CBN) to provide explanations for the recent dismissal of approximately 1,000 members of staff and the subsequent payment of a N50 billion severance package.
Speaker Abbas made the demands while declaring open an investigative hearing of the ad-hoc committee of the House, investigating the CBN’s termination/dismissal of members of staff on Thursday in Abuja.
He charged the ad hoc committee chaired by the Chief Whip of the House, Hon. Usman Bello Kumo to properly investigate the rationale behind the decision, particularly in light of the current economic challenges facing the country.
Represented at the event by the Deputy Speaker, Rt. Hon. Benjamin Okezie Kalu, Speaker Abbas emphasized the need for transparency in the matter, ensuring that the welfare and rights of the affected employees are protected.
Acknowledging the imperative of running a learner, more efficient government, and the inherent powers of the apex bank to determine its policies, Speaker Abbas however said there is a need to strike a balance against the welfare of the employees.
He also charged the committee to examine the process by which the N50 billion severance package was determined, ensuring that principles of due diligence, fairness, and due process were adhered to.
He said: “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 individuals, their families, and the broader economy cannot be overlooked.
“Furthermore, the committee will scrutinize the process through which the 50 billion Naira 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.
“Transparency in such matters is key to maintaining public trust and ensuring the integrity of our institutions.
“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, such decisions must be balanced against the welfare and rights of employees, as well as the long-term implications for institutional stability.
“The House of Representatives cannot and will not remain silent when Nigerians feel aggrieved or when there are allegations of coercion or injustice against those who have been lawfully employed. We must provide a platform for all affected parties to be heard and to ensure that their concerns are addressed fairly and justly”.
Speaker Abas urged the CBN and other affected agencies of government to cooperate fully with the investigation, emphasizing the importance of restoring public trust and confidence in government institutions.
“Your cooperation is vital as we seek to uncover the facts, provide clarity to Nigerians, and ultimately restore confidence in the integrity of government institutions.
“As we proceed with this investigative hearing, let us remain steadfast in our commitment to justice, accountability, and the greater good of our nation. I hope that at the end of this hearing, all controversies will be cleared, and we can be assured that the CBN’s actions align with the principles of fairness, equity, and the rule of law”, the Speaker said.