House of Representatives to probe CBN reforms & sack of over 600 staff by Yemi Cardoso

The House of Representatives on Wednesday unveiled plans to investigate the retrenchment of about 600 staff of the Central Bank of Nigeria (CBN).

The resolution was passed sequel to the adoption of a motion on urgent public importance, Hon. Jonathan Gbwefi, who expressed concern over the unfair circumstances that led to the retrenchment of the affected staff, reports Nigerian Tribune.

In his lead debate, Hon. Gbwefi lamented that the apex bank’s extensive reform which led to the downsizing of the workforce, has affected close to 600 employees including Directors and nearly all staff members in the Governor’s Directorate being terminated.

“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.

“The House is cognizant that now more than ever before, there is a dire need for meritocracy in institutions and the importance of maintaining and sustaining strong institutions. Nigeria currently has the highest Association of Chartered Certified Accountants and Chartered Financial Analysts.

“The nation is at a critical point of economic resuscitation. We therefore cannot afford to develop capacity and lose it to Europe and America.

“The House is worried that these retrenchments, without any sort of fair hearings or panels could cause the nation a lot in settlements.

“A Director’s tenure according to the civil service rules is two terms of four years or 60 years of service, whichever comes first I believe. This make them like permanent secretaries. The capacity being thrown away can it be easily replaced?

“The House is also 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.

“The House is concerned that considering the President’s renewed hope agenda, which is meant to improve lives will only to more hardship, and will lead to another batch of brain drain outside Nigeria,” he noted.

To this end, the House mandated the joint Committee on Banking Regulations and Federal Character to look into the aforementioned reform of the Apex Bank leading to the downsizing of staff members and report to the House within four weeks.