Reps Probe CBN Over 600 Workers’ Sack

House of Representatives has resolved to look into the mass retrenchment exercise by the Central Bank of Nigeria.

The lawmakers passed the resolution during the plenary session on Wednesday after the adoption of a motion sponsored by Jonathan Gaza from Nasarawa state.

In recent months, the apex bank has reportedly dismissed over 300 employees including directors, deputy directors, assistant directors, principal managers, senior managers, and lower-ranking officials.

While reacting to the development, Gaza said as part of an “extensive reform,” the CBN has been “downsizing the workforce, which has affected close to 600 employees, including directors.

He stressed that there are significant concerns and controversies among the masses and stakeholders, including the affected employees and labor unions.


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“More than ever before, there is a dire need for meritocracy in institutions and the importance of maintaining and sustaining strong institutions,” the lawmaker said.

The motion, which was not debated, was unanimously adopted when it was put to a voice vote by Benjamin Kalu, the deputy speaker who was the presiding officer.

Consequently, the house mandated the committee on banking regulations and federal character to probe the circumstances behind the dismissal of the CBN staff and report back within four weeks for further legislative action.

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