CBN Has No Justification For Mass Layoff -Sen Nwoko

The Senator representing Delta North Senatorial District, Ned Nwoko, has criticised the recent mass termination of the employment of the Central Bank of Nigeria (CBN) staff.

Recall that the CBN, in a major shakeup sacked more than 317 of its employees, a move that is part of the extensive reforms implemented by the CBN Governor, Yemi Cardoso, since he assumed office.

Nwoko, in an interview with the News Agency of Nigeria on Sunday in Abuja, described the development as a breach of the social contract between the government and its citizens.

He emphasised the need for job security and adherence to due process and therefore called on the CBN to immediately reinstate the affected employees.

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He said this was pending a comprehensive and transparent review of the circumstances surrounding their termination, involving consultations with relevant stakeholders, including labour unions and employee representatives.

The lawmaker also called on the Senate to mandate its committees on Employment, Labour and Productivity, as well as that of Public Service Matters to investigate the mass terminations.

He urged, ‘’The committees should focus on the rationale behind these decisions, their compliance with labor laws, and their broader socio-economic impact, and propose measures to prevent such occurrences in the future.”

According to him, between March 15 and April 11, 2024, the CBN had terminated the employment of approximately 117 staff members, causing significant concern and distress among the affected employees and the general public.

“Also on May 24, the CBN sacked an additional 200 staff members, bringing the total number of terminated employees to more than 317 within a short span.

“These terminations affected directors, deputy directors, assistant directors, principal managers, senior managers, and lower-ranking staff.

“The termination letters issued to the affected staff, including one dated May 24, from the Human Resources Department, cited the need to reorganise the organisation for effective operations as the reason for the sack.

“However, the letters lacked proper authorisation, being unsigned, and failed to provide a detailed and transparent justification for the mass terminations,” Nwoko said.