CBN reportedly dismissed over 300 employees including directors, deputy directors, assistant directors, principal managers, senior managers, and lower-ranking officials
The lower chamber of the federal legislative arm, the House of Representatives has decided to investigate the recent mass retrenchment exercise embarked upon by the Central Bank of Nigeria (CBN).
The lawmakers reached the decision on Wednesday in Abuja during the plenary session after a motion on the matter was sponsored by Nasarawa State Rep member, Jonathan Gaza and adopted.
The apex bank in recent months reportedly dismissed over 300 employees including directors, deputy directors, assistant directors, principal managers, senior managers, and lower-ranking officials.
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Addressing the development in the blue chamber, 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 further stressed that the exercise raised concerns and controversies among the masses and stakeholders, including the affected employees and labour unions.
He added: “More than ever before, there is a dire need for meritocracy in institutions and the importance of maintaining and sustaining strong institutions.”
After the motion was moved, it was unanimously adopted when put to a voice vote by the deputy speaker, Benjamin Kalu, who presided over the session.
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.
