House Of Reps To Investigate CBN’s Termination Of 600 Staff Members

House Of Reps To Investigate CBN’s Termination Of 600 Staff Members

The House of Representatives has initiated an investigation into the recent termination of around 600 employees by the Central Bank of Nigeria (CBN). This decision came following the approval of a motion on urgent public importance presented by Mr. Jonathan Gbefwi, the lawmaker representing Karu/Keffi/Kokona Federal Constituency of Nasarawa State, during Wednesday’s plenary session………..CONTINUE READING

The CBN justified the dismissals, which included directors and nearly all staff in the Governor’s Directorate, as necessary to enhance operational effectiveness. However, this move has generated significant public backlash and concern among various stakeholders, including the affected employees, labour unions, and observers.

Mr. Gbefwi expressed particular concern about the impact of these layoffs, noting that the bank had let go of highly skilled professionals, potentially leading to a brain drain to Europe and America. He emphasized that the loss of experienced and meritorious staff could leave the country significantly disadvantaged.

Furthermore, he highlighted the broader implications for staff morale within the civil service, suggesting that the manner of the dismissals sends a disheartening message about the value of professionalism and dedication in Nigeria’s public sector.

In response to these concerns, Deputy Speaker Benjamin Kalu, presiding over the session, tasked the Committees on Banking Regulations and Federal Character to conduct a thorough investigation into the circumstances and rationale behind the CBN’s decision. The committees have been given a four-week deadline to gather information, assess the situation, and report their findings back to the House

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