Abbas Seeks CBN’s Clarification on Disengagement of 1,000 Workers, Payment of N50bn Compensation

Juliet Akoje in Abuja

The Speaker of the House of Representatives, Tajudeen Abbas, has asked the Central Bank of Nigeria (CBN) to provide clarification on the dismissal of about 1,000 staff members of the apex bank and the subsequent payment of a N50billion compensation to the disengaged persons.

Abbas made the demand while declaring open an investigative hearing of the Ad-hoc Committee of the House, investigating the CBN’s termination/dismissal of members of staff on Friday in Abuja.
Recall that the CBN had earlier explained that its Early Exit Package for staff is entirely voluntary and that participation is not mandatory.

The Acting Director of Corporate Communications, Mrs Hakama Sidi-Ali, in a statement, claimed that no employee would be forced into early retirement under the scheme.
“The Central Bank of Nigeria has dismissed claims of forced mass retirements, clarifying that its Early Exit Package is entirely voluntary and without any negative repercussions for eligible staff”, the statement partly read.
However, the Speaker tasked the panel chaired by the Chief Whip of the House, Bello Kumo to probe the rationale behind the decision, particularly in light of the current economic challenges facing the country.

Represented at the event by the Deputy Speaker, Benjamin Kalu, the speaker emphasised the need for transparency in the matter, insisting that the welfare and rights of the affected employees must be protected.
Abbas also charged the committee to examine the process used to determine the N50 billion severance package.
A statement issued yesterday by the Chief Press Secretary to the Deputy Speaker, Livinus Nwabughiogu, quoted Abbas as saying, “The committee has been tasked with examining several critical aspects of this issue. First, we aim to understand the rationale behind the decision to lay off over 1,000 staff members, particularly during these challenging economic times. The impact of such a significant workforce reduction on individuals, their families, and the broader economy cannot be overlooked.

“Furthermore, the committee will scrutinise the process through which the N50 billion severance package was determined. We must ascertain whether the principles of due diligence, fairness, and due process were strictly adhered to in arriving at this figure. Transparency in such matters is key to maintaining public trust and ensuring the integrity of our institutions.

“As a legislative body, we recognise the widely accepted principle of running a leaner and more efficient government. We also understand the CBN’s prerogative in determining policies that align with its operational efficiency. However, such decisions must be balanced against the welfare and rights of employees, as well as the long-term implications for institutional stability.”

The speaker further noted that the green chamber is saddled with the responsibility of ensuring all parties are given a fair hearing in issues of this nature.
“The House of Representatives cannot and will not remain silent when Nigerians feel aggrieved or when there are allegations of coercion or injustice against those who have been lawfully employed.
“It is our duty to provide a platform for all affected parties to be heard and to ensure that their concerns are addressed fairly and justly”, he added.

Abas urged the apex bank and other affected agencies of government to cooperate fully with the investigation to enable the panel to discharge its mandate.
“Your cooperation is vital as we seek to uncover the facts, provide clarity to Nigerians, and ultimately restore confidence in the integrity of government institutions.
“As we proceed with this investigative hearing, let us remain steadfast in our commitment to justice, accountability, and the greater good of our nation. I hope that at the end of this hearing, all controversies will be cleared, and we can be assured that the CBN’s actions align with the principles of fairness, equity, and the rule of law,” the Speaker said.