The House of Representatives has launched an investigation into the Central Bank of Nigeria’s (CBN) decision to retrench approximately 600 staff members, including directors, as part of its reform efforts. The probe was initiated following a motion raised by Rep Jonathan Gaza Gbefwi (Nasarawa, SDP) during Wednesday’s plenary session.
Gbefwi expressed concerns over the arbitrary nature of the retrenchment, which he claimed was carried out without fair hearing or adherence to established rules.
He warned that such actions would dampen staff morale and productivity, and result in the loss of highly trained and capable personnel.
The motion was unanimously adopted after a voice vote and referred to the committees on Banking Institutions and Federal Character for investigation. The committees are expected to report back within four weeks.
This development comes amid growing concerns over the CBN’s handling of its reform agenda, with many stakeholders expressing worries over the potential consequences of arbitrary retrenchment on the country’s economic stability.
