The House of Representatives has directed the Central Bank of Nigeria (CBN) to halt its plan to retire approximately 1,000 employees, pending the outcome of an investigation into the matter.
The House also resolved to investigate the N50 billion payoff scheme earmarked for the disengaged staff.
This resolution followed the adoption of a motion of urgent public importance sponsored by Mr. Kama Nkemkama, representing the Ohaozara/Onicha/Ivo Federal Constituency in Ebonyi State.
Speaking on the motion titled, “Need to Investigate the Retirement of Over 1,000 Staff of the Central Bank of Nigeria and the Associated N50bn Payoff Scheme,” Nkemkama urged his colleagues to rise to the occasion and show adequate interest in the matter.
He noted that the House must probe the “CBN’s announcement of a N50bn payoff scheme to compensate the affected staff as part of its human resource reorganisation strategy.”
Nkemkama highlighted concerns over the sudden mass retirement of over 1,000 staff members, including directors and senior management, stating that the development raises critical questions about the criteria for selection, transparency, and adherence to public service guidelines and labour laws.
He further emphasised that the disengagement of these staff members has significant socio-economic implications for the affected individuals, their dependents, and the broader economy, potentially leading to increased unemployment and public dissatisfaction.
The Labour Party lawmaker also expressed concerns about the N50 billion payoff scheme, suggesting that it may lack sufficient accountability and oversight mechanisms, which could pose risks of mismanagement and abuse of public funds in a sector crucial to Nigeria’s financial stability.
Following the adoption of the motion, the House, presided over by Speaker Tajudeen Abbas, resolved to establish an ad-hoc committee to:
- Investigate the mass retirement of over 1,000 CBN staff to ascertain the criteria, process, and legality of the exercise.
- Examine the N50bn payoff scheme to ensure transparency, accountability, and proper utilisation of funds.
- Engage the CBN leadership to evaluate the potential economic and institutional impact of the mass retirement on Nigeria’s financial sector.
The House further urged the apex bank to suspend the retirement exercise and associated payoff scheme until the investigation is concluded. Additionally, it called on the Federal Ministry of Labour and Employment to ensure the rights of the affected staff are protected under Nigerian labour laws.
