House of Reps to Investigate CBN’s Reforms, Termination of 600 Staff

By Lami Victor, Kaduna

On Wednesday, the House of Representatives announced plans to investigate the recent termination of approximately 600 employees of the Central Bank of Nigeria (CBN).

This decision followed the adoption of a motion of urgent public importance by Hon. Jonathan Gbwefi, who raised concerns about the unfair circumstances surrounding the retrenchment.

In his lead debate, Hon. Gbwefi expressed distress over the CBN’s extensive reforms, which resulted in the termination of nearly 600 employees, including directors and almost all staff members in the Governor’s Directorate.

“The House is aware that the recent downsizing by the Apex Bank has raised significant concerns and controversies among stakeholders, including the affected employees, labour unions, and the general public,” Gbwefi stated.

He reiterated the need for meritocracy and strong institutions, noting that Nigeria has the highest number of Association of Chartered Certified Accountants and Chartered Financial Analysts in the region.

Gbwefi argued that Nigeria is at a critical point of economic recovery, and cannot afford to lose skilled professionals to Europe and America.

“The House is worried that these retrenchments, carried out without any form of fair hearings or panels, could cost the nation significantly in settlements,” Gbwefi continued.

He also noted that, according to civil service rules, a director’s tenure is two terms of four years or 60 years of service, whichever comes first, equating them to permanent secretaries.

He questioned whether the dismissed personnel’s capacity could be easily replaced.

Gbwefi expressed concern over staff morale and career progression, noting that many chose civil service careers with the expectation of ending their careers like their superiors and mentors.

“Seeing their bosses treated with disregard and like criminals will send a message that professionalism and meritorious service are not rewarded,” he added.

He warned that such actions contradict the President’s renewed hope agenda aimed at improving lives and could lead to further brain drain from Nigeria.

In response, the House mandated the joint Committee on Banking Regulations and Federal Character to investigate the CBN reforms that led to the staff downsizing and report back within four weeks.

About Olakunle Oyedunmola

A Veteran Journalist | Scriptwriter | Clergy | Photography | Videography | Business Man | An Actor at Medram Network International | A Contractor | Motivational Speaker | A Scout and currently The Chief Correspondent at National Telescope Newspapers,Kwara State Nigeria.

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