The House of Representatives has passed a resolution calling for an investigation into the massive layoffs at the Central Bank of Nigeria (CBN).
The motion was passed during an emergency session on Wednesday to commemorate Nigeria’s 25th anniversary of unbroken democracy, which began in May 1999.
About 200 CBN officials were recently relieved of their duties, adding to the 117 staff sacked by the bank between March 15 and April 11, 2024.
The terminations affect directors, deputy directors, assistant directors, principal managers, senior managers, and lower-ranking staff.
A member of the House, Jonathan Gaza Gbefwi, a representative from the Social Democratic Party (SDP) in Nasarawa, expressed concern over the layoffs.
Gbefwi stated that he is “worried that this retrenchment without any fair hearing in the last few years, without any fair hearings or panels or criteria spelt out, could cause the nation a lot in settlement.”
He added that “terminating appointments arbitrarily will amount to killing the morale of junior staff, not knowing what their fate would be.”
The House then mandated the Committee on Banking Regulations to investigate the apex bank’s reforms that prompted the CBN to reduce its staff size.
The resolution was passed following the adoption of a motion on urgent public importance.
Gbefwi lamented, “A director’s tenure according to the civil service rules is two terms of four years or 60 years of service, whichever comes first. This makes them like permanent secretaries. Will the capacity being thrown away be easily replaced?
“The House is worried about staff morale and progression. People choose careers in civil service so that they can end careers like their superiors and mentors who trained them. Seeing their bosses being treated with disregard and like criminals will send a message that professionalism is not rewarded, as well as, meritorious service to our great nation Nigeria.”
In January, the CBN, led by Olayemi Cardoso, relocated some of its departments from Abuja to Lagos to improve operational efficiency and reduce costs.
