The Speaker of the House of Representatives, Tajudeen Abbas, has called on the Central Bank of Nigeria (CBN) to provide clarification regarding the dismissal of approximately 1,000 staff members and the subsequent payment of a N50 billion severance package. Abbas made this demand during an investigative hearing by the House’s Ad-hoc Committee in Abuja on Friday.
Represented by Deputy Speaker Benjamin Kalu, Abbas stressed the importance of transparency in addressing the concerns surrounding the dismissals and the compensation process. He emphasized that the rights and welfare of the affected employees must be protected and that the rationale behind the decision, particularly in light of Nigeria’s economic challenges, should be carefully examined.
The CBN, in an earlier statement by its Acting Director of Corporate Communications, Mrs. Hakama Sidi-Ali, had denied allegations of forced retirements. The bank clarified that the Early Exit Package offered to staff was entirely voluntary, stating, “The Central Bank of Nigeria has dismissed claims of forced mass retirements, clarifying that its Early Exit Package is entirely voluntary and without any negative repercussions for eligible staff.”
Abbas tasked the Ad-hoc Committee, led by Chief Whip Bello Kumo, with investigating both the rationale behind the mass layoffs and the process through which the N50 billion severance package was determined. In a statement issued by the Chief Press Secretary to the Deputy Speaker, Livinus Nwabughiogu, Abbas noted that the committee must ensure transparency and fairness in its inquiry.
“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,” the statement read.
Abbas also highlighted the importance of ensuring that the severance package was determined through due diligence and adherence to the principles of fairness and equity. While recognizing the CBN’s prerogative to implement policies for operational efficiency, he stressed the need to balance such decisions with the welfare and rights of employees, as well as the long-term stability of the institution.
The Speaker reaffirmed the House’s commitment to providing a fair platform for all affected parties to voice their concerns. He stated, “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.”
Abbas called on the CBN and other involved agencies to cooperate fully with the investigation to enable the committee to carry out its mandate effectively. He expressed hope that the inquiry would clarify the facts, address public concerns, and ensure that the CBN’s actions align with principles of fairness, equity, and the rule of law.
