Tajudeen Abbas, the Speaker of the House of Representatives, has asked the Central Bank of Nigeria for clarification on the firing of about 1,000 employees and the subsequent payment of a N50 billion compensation package to the disengaged individuals.
Abbas made the remarks while opening an investigative session of the House’s Ad-hoc Committee into the CBN’s termination/dismissal of staff workers on Friday in Abuja.
Remember that the CBN previously stated that its Early Exit Package for personnel is totally optional and that participation is not required.
Mrs Hakama Sidi-Ali, Acting Director of Corporate Communications, promised staff and the public in a statement that the scheme will not force any employees to retire early.
“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” , a portion of the statement said.
However, the Speaker entrusted the panel, chaired by the House’s Chief Whip, Bello Kumo, to investigate the decision’s logic, particularly in light of the country’s current economic woes.
Speaker Abbas, who was represented at the occasion by Deputy Speaker Benjamin Kalu, highlighted the importance of transparency in the subject, stating that the welfare and rights of those affected must be protected.
Abbas also directed the committee to investigate the method by which the N50 billion severance payout was established.
In a statement issued on Saturday by the Chief Press Secretary to the Deputy Speaker, Livinus Nwabughiogu, Abbas stated, “The committee has been tasked with reviewing various crucial aspects of this matter. First, we want to understand why the company decided to lay off over 1,000 employees, especially given the current economic climate. The consequences of such a huge labor reduction for individuals, their families, and the greater economy cannot be overstated.
“Furthermore, the committee will investigate how the N50 billion severance compensation was established. We must determine whether the norms of thoroughness, fairness, and due process were strictly followed in arriving at this amount. Transparency in such instances is critical to preserving public trust and the integrity of our institutions.
“As a legislative body, we understand the widely acknowledged notion of running a leaner, more efficient government. We also recognize the CBN’s authority in determining policies that are consistent with its operational efficiency. However, such decisions must be evaluated against the welfare and rights of employees, as well as the long-term consequences for institutional stability.”
The speaker went on to say that the green chamber is responsible for ensuring that all sides have a fair hearing in cases like these.
“The House of Representatives must and will not sit mute when Nigerians are dissatisfied, or when there are claims of coercion or unfairness against individuals who have lawfully worked.
“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” , the official stated.
Abas urged the apex bank and other impacted government entities to fully assist with the probe so that the panel could fulfill its mission.
“Your participation is critical as we work to uncover the truth, bring clarity to Nigerians, and eventually restore trust in government institutions.
“As we move forward with this investigative hearing, let us remain firm in our commitment to justice, accountability, and the greater good of our country. It is my goal that by the end of this hearing, all issues will have been resolved, and we can be confident that the CBN’s actions are consistent with the values of fairness, equity, and the rule of law,” the Speaker stated.
