The Speaker of the House of Representatives, Tajudeen Abbas, has called on the Central Bank of Nigeria (CBN) to provide detailed explanations regarding the termination of employment for nearly 1,000 staff members and the accompanying N50 billion compensation package for those affected.
During the opening of an investigative session by the House’s Ad-hoc Committee on Friday in Abuja, Speaker Abbas emphasized the importance of understanding the circumstances surrounding the decision, especially given the current economic challenges facing the nation. He was represented at the session by Deputy Speaker Benjamin Kalu, who conveyed his concerns.
Earlier, the CBN had clarified that its "Early Exit Package" was a voluntary program, where staff members could opt to retire early without facing any penalties or coercion. Mrs. Hakama Sidi-Ali, Acting Director of Corporate Communications at the CBN, had assured both employees and the public that no staff member would be forced into retirement under the program, dismissing claims of a forced mass layoff.
However, Speaker Abbas expressed concern over the significant number of employees impacted by the decision, especially in light of the broader economic context. He tasked the committee, chaired by Chief Whip Bello Kumo, with investigating the rationale behind the mass dismissal. Abbas emphasized the need for transparency and due process in such a high-stakes decision, given its potential ramifications not only for the affected employees but also for their families and the broader economy.
The Speaker also directed the committee to examine how the N50 billion severance package was calculated and whether proper procedures and fairness were upheld in its determination. He stressed that while the CBN has the right to make decisions aimed at improving its operational efficiency, these decisions should not come at the cost of employee welfare or institutional stability.
In his statement, Abbas underscored the importance of transparency in the process, stating, “As a legislative body, we are committed to ensuring that every decision is made in the interest of fairness, justice, and the greater good of our nation. It is essential that we understand how such a substantial severance package was arrived at, and whether due diligence was followed.”
The Speaker pointed out that the House of Representatives has a responsibility to ensure that all affected parties are given the opportunity to be heard. He stated, “We cannot remain silent when allegations of injustice or coercion arise, particularly when they concern individuals who have been lawfully employed.”
In his remarks, Abbas further called on the CBN and other relevant government agencies to fully cooperate with the committee's investigation. This cooperation, he stressed, is vital for the panel to carry out a thorough and unbiased inquiry, which would ultimately provide clarity to the public and uphold the integrity of government institutions.
The Speaker concluded by reaffirming the House's commitment to accountability and justice. He expressed hope that the investigative process would address all concerns and ensure that the CBN's actions align with the principles of fairness, equity, and the rule of law. "By the end of this investigation, we hope to resolve any ambiguities and restore public trust in our institutions," he stated.
