House of Representatives Set to Probe CBN Layoff of 600 Staff

The House of Representatives has directed its Committee on Banking and Currency and Federal Character to investigate the recent mass layoff of approximately 600 Central Bank of Nigeria (CBN) employees. This decision was made in response to a motion brought by Hon. Jonathan Gbefwi Gaza (SDP, Nasarawa) during a plenary session.

Gbefwi emphasized that the CBN’s extensive reform efforts have resulted in significant workforce reductions, affecting nearly 600 employees, including directors and staff members in the Governor’s Directorate. He expressed concern that the sudden terminations have sparked controversy among stakeholders, including the affected employees, labor unions, and the general public.

The lawmaker warned that the loss of these skilled professionals could lead to a brain drain, with many potentially seeking opportunities in Europe and America, leaving Nigeria at a disadvantage. He also raised concerns about the lack of fair hearings or panels, which could result in costly settlements for the nation.

Gbefwi noted that directors, in particular, have a tenure of two terms of four years or 60 years of service, comparable to permanent secretaries. He questioned whether the expertise being let go could be easily replaced. The House is also concerned about the impact on staff morale and career progression, as well as the message being sent that professionalism and meritorious service are not valued in Nigeria.

This investigation comes amid a significant reorganization at the CBN, resulting in the retrenchment of many staff members.”