The Speaker of the House of Representatives, Tajudeen Abbas, has called on the Central Bank of Nigeria (CBN) to provide detailed clarification regarding the termination of approximately 1,000 staff and the subsequent ₦50 billion severance package paid to the affected employees.
Abbas made this demand on Friday during an investigative hearing by the House’s Ad-hoc Committee, tasked with probing the CBN’s recent workforce reduction.
The CBN had earlier defended the layoffs, explaining that the “Early Exit Package” offered to employees was voluntary and not mandatory. In a statement, Acting Director of Corporate Communications, Hakama Sidi-Ali, assured that no staff were forced into early retirement, adding that the initiative was free from coercion.
“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 read.
However, Speaker Abbas emphasized the need for transparency, particularly given the economic challenges currently facing Nigerians. Represented by Deputy Speaker Benjamin Kalu, Abbas charged the committee, led by Chief Whip Bello Kumo, to investigate the rationale for the layoffs and the process by which the ₦50 billion severance package was determined.
“The committee has been tasked with examining several critical aspects of this issue,” Abbas said in a statement issued by Livinus Nwabughiogu, Chief Press Secretary to the Deputy Speaker.
He added, “We aim to understand the rationale behind the decision to lay off over 1,000 staff members during these challenging economic times. The impact of such workforce reduction on individuals, families, and the economy cannot be ignored.
“Furthermore, the committee will scrutinize the process that led to the determination of the ₦50 billion severance package. Transparency in such matters is essential to maintaining public trust and institutional integrity.”
Abbas acknowledged the CBN’s need for operational efficiency but stressed the importance of balancing such decisions against employee welfare and institutional stability.
The Speaker urged the CBN and other agencies involved to cooperate fully with the investigation, adding that the House of Representatives remains committed to ensuring justice and accountability.
“As we proceed with this investigative hearing, let us remain steadfast in our commitment to justice, accountability, and the greater good of our nation. At the end of this process, we aim to clear all controversies and confirm that the CBN’s actions align with the principles of fairness, equity, and the rule of law,” he concluded.