Reps probe planned retirement of 1000 CBN employees

House of Representatives has launched an investigation into the planned retirement of 1,000 employees of the Central Bank of Nigeria. The resolution followed the adoption of a motion of urgent public importance by Rep. Kama Nkemkama (LP-Ebonyi) during plenary on Tuesday. The motion is entitled, “Need to Investigate the Retirement of Over 1,000 Staff of the Central Bank of Nigeria (CBN) and the Associated N50 Billion Payoff Scheme.” Recall that a national media outlet announced on December 2 that the CBN planned to retire over 1,000 members of staff across various levels. The report claimed that the retirement was part of restructuring process under the CBN governor’s leadership with a N50 billion payoff scheme to compensate the affected employees.
Presenting the motion, Mr Nkemkama stated that the sudden mass retirement of over 1,000 staff, including directors and senior management, raised critical questions. These, according to him, include the criteria for selection, transparency, and adherence to due process in line with public service guidelines and labour laws. He said that such a significant decision has socio-economic implications for the affected individuals, their dependents, and the broader economy. This, he said, would potentially lead to increased unemployment and public dissatisfaction. He expressed worry that the reported payoff scheme amounting to N50 billion might lack sufficient accountability and oversight mechanisms. The lawmaker said that this would pose risks of mismanagement and abuse of public funds in a sector vital to Nigeria’s financial stability. Adopting the motion, the House therefore, constituted a high-level ad hoc committee to investigate the planned mass retirement of over 1,000 staff of the CBN. The House stated that this was to ascertain the criteria, process, and legality of the exercise.
The House said that it would also examine the N50 billion payoff scheme to ensure transparency, accountability, and proper utilisation of funds. The House also resolved to engage the leadership of the CBN to evaluate the potential economic and institutional impact of mass retirement on Nigeria’s financial sector. The House urged the CBN to suspend further implementation of the retirement and associated payoff scheme pending the outcome of its committee’s investigation. The House further called on the Federal Ministry of Labour and Employment to ensure that the rights of the affected workers were protected in accordance with Nigerian labour laws. The House requested the committee to report back to the house within four weeks for further legislative actions. (NAN)