News
Mass Purge: Reps Demand Explanation from CBN on 1,000 Staff Dismissals
…N50 Billion Severance Payment
Fortress
Speaker of the House of Representatives, Hon. Tajudeen Abbas, PhD, has requested the Central Bank of Nigeria (CBN) to provide explanations for the recent dismissal of approximately 1,000 members of staff and the subsequent payment of a N50 billion severance package.
Speaker Abbas made the demands while declaring open an investigative hearing of the ad-hoc committee of the House, investigating the CBN’s termination/dismissal of members of staff on Thursday in Abuja.
He charged the ad hoc committee chaired by the Chief Whip of the House, Hon. Usman Bello Kumo to properly investigate the rationale behind the decision, particularly in light of the current economic challenges facing the country.
Represented at the event by the Deputy Speaker, Rt. Hon. Benjamin Okezie Kalu, Speaker Abbas emphasized the need for transparency in the matter, ensuring that the welfare and rights of the affected employees are protected.
Acknowledging the imperative of running a learner, more efficient government, and the inherent powers of the apex bank to determine its policies, Speaker Abbas however said there is a need to strike a balance against the welfare of the employees.
He also charged the committee to examine the process by which the N50 billion severance package was determined, ensuring that principles of due diligence, fairness, and due process were adhered to.
He said: “The committee has been tasked with examining several critical aspects of this issue. First, we aim to understand the rationale behind the decision to lay off over 1,000 staff members, particularly during these challenging economic times. The impact of such a significant workforce reduction on individuals, their families, and the broader economy cannot be overlooked.
“Furthermore, the committee will scrutinize the process through which the 50 billion Naira severance package was determined. We must ascertain whether the principles of due diligence, fairness, and due process were strictly adhered to in arriving at this figure.
“Transparency in such matters is key to maintaining public trust and ensuring the integrity of our institutions.
“As a legislative body, we recognise the widely accepted principle of running a leaner and more efficient government. We also understand the CBN’s prerogative in determining policies that align with its operational efficiency. However, such decisions must be balanced against the welfare and rights of employees, as well as the long-term implications for institutional stability.
“The House of Representatives cannot and will not remain silent when Nigerians feel aggrieved or when there are allegations of coercion or injustice against those who have been lawfully employed. We must provide a platform for all affected parties to be heard and to ensure that their concerns are addressed fairly and justly”.
Speaker Abas urged the CBN and other affected agencies of government to cooperate fully with the investigation, emphasizing the importance of restoring public trust and confidence in government institutions.
“Your cooperation is vital as we seek to uncover the facts, provide clarity to Nigerians, and ultimately restore confidence in the integrity of government institutions.
“As we proceed with this investigative hearing, let us remain steadfast in our commitment to justice, accountability, and the greater good of our nation. I hope that at the end of this hearing, all controversies will be cleared, and we can be assured that the CBN’s actions align with the principles of fairness, equity, and the rule of law”, the Speaker said.
The Anambra State Government has expressed deep grief on the tragic loss of lives in the stampede that occurred during a rice-sharing event in Okija town in Ihiala Local Government Area of the state on Saturday.
In his expression of sympathy, Anambra State Governor, Prof Chukwuma Soludo, extended his deepest condolences to the families of the deceased, especially the women, the elderly, pregnant, nursing mothers and children who lost their lives in this unfortunate incident.
The governor’s message was contained in a statement signed by his Chief Press Secretary, Christian Aburime, and made available to Channels Television on Saturday.
Aburime stated that according to available information, the State Government acknowledged that the Obi Jackson Foundation, led by Chief Ernest Obiejesi, had organised the event with the noble intention of sharing relief materials with less privileged members of the community during this festive season. However, the resulting tragedy underscores the urgent need for a more structured and safer approach to distributing such assistance.
According to him, the Anambra State Government in a prompt action on the incident has initiated a thorough investigation into the circumstances surrounding the stampede.
He added that the government will work closely with relevant agencies to determine the root causes of this unfortunate event and ensure that any negligence or lapses in safety protocols are duly addressed.
Meanwhile, the State Government has also implored all well-meaning individuals and organisations engaged in charitable activities to prioritise the safety and well-being of beneficiaries.
“It is strongly advised that future distributions of relief materials be conducted in a more organised and decentralised manner, with adequate crowd control measures in place.
“This may include establishing multiple distribution points within the community to reduce overcrowding at a single location; implementing a system to prioritise vulnerable groups such as the elderly, pregnant women, children and people with disabilities; employing trained personnel to manage crowds, ensure orderly queues, and provide assistance to those in need; and conducting public awareness campaigns to educate the public on safety protocols during such events,” the statement added.
President Bola Tinubu has called off all of his scheduled events in Lagos today in solidarity with the victims of stampedes in Anambra and the Federal Capital Territory (FCT).The tragic incidents resulted in the deaths of 10 people, including children, at the Holy Trinity Catholic Church in Maitama, Abuja, and at least 20 individuals from the Okija community in Anambra, during a rice distribution event on Saturday morning.
Special Adviser to the President on Information and Strategy, Bayo Onanuga, revealed that despite dignitaries and senior officials being present at the event venue, the President made the decision to cancel his attendance after receiving updates on the tragedies.
Expressing his condolences, President Tinubu called for stricter crowd control measures by local authorities and organizations involved in public events. He emphasized that such tragedies, including similar incidents in Ibadan, Oyo State, were preventable if event planners adhered to safety protocols.
In his statement, President Tinubu extended his prayers for the souls of the victims, a swift recovery for the injured, and urged relevant authorities to ensure better operational standards for future events. He also wished the Lagos State government success in hosting the Boat Regatta, a major festival, which was set to take place in his absence.
As of Friday, December 20, 2024, the exchange rate for the US Dollar to the Nigerian Naira at the Lagos Parallel Market (Black Market) stands at:
Buying Rate: ₦1,656
Selling Rate: ₦1,660
These rates reflect the prices at which players in the Bureau De Change (BDC) sector are buying and selling US dollars.
It is important to note that the Central Bank of Nigeria (CBN) does not recognize the parallel market, as the official directive encourages individuals wishing to engage in foreign exchange transactions to approach their respective banks for the official rates.
Official Dollar to Naira CBN Rate Today:
Highest Rate: ₦1,570
Lowest Rate: ₦1,532
Please bear in mind that the exchange rates at the black market or any other exchange point may vary based on market dynamics and fluctuations, so the rates you encounter might be different from those mentioned in this article.
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