Reps to Probe CBN’s Arbitrary Retrenchment of 600 Staff

The House of Representatives has mandated its Committees on Banking Institutions and Federal Character to investigate the recent retrenchment of approximately 600 staff by the Central Bank of Nigeria (CBN).

This decision follows a motion of urgent national importance by Rep. Jonathan Gaza Gbefwi (Nasarawa, SDP). Gbefwi highlighted that the CBN’s ongoing reforms have led to downsizing, including the dismissal of directors, carried out in an arbitrary manner without fair hearing or adherence to established rules, causing significant controversy.

Gbefwi argued that such arbitrary terminations could demoralize staff and reduce productivity. He emphasized the need to retain well-trained staff rather than dismiss them without due process.

The motion was unanimously passed and the committees were directed to investigate and report back within four weeks.

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