The House of Representatives on Tuesday directed the Central Bank of Nigeria to halt the implementation of the retirement of 1,000 staff and the associated payoff scheme until the conclusion of an investigation.
The House resolved to probe the mass retirement of over 1,000 CBN staff to assess the criteria, process, and legality of the exercise.
It also aims to scrutinise the N50 billion payoff scheme to ensure transparency, accountability, and proper use of funds.
An ad hoc committee will be formed to engage with CBN leadership to evaluate the potential economic and institutional impacts of retirement on Nigeria’s financial sector.
Adopting a motion of urgent public importance sponsored by Kama Nkemkama (LP, Ebonyi), the House asked the Federal Ministry of Labour and Employment to ensure that the rights of the affected staff are protected under Nigerian labour laws.
Leading the debate on the motion, Nkemkama drew attention to media reports indicating that the Central Bank of Nigeria (CBN) plans to retire over 1,000 staff across various levels as part of its restructuring process under the Acting Governor’s leadership.
According to him, the CBN reportedly announced an N50 billion payoff scheme to compensate the affected staff, as part of its human resource reorganisation strategy, with claims that the process will ensure fairness and equity.
He expressed concern that the sudden mass retirement of over 1,000 staff, including directors and senior management, raises critical questions about the criteria for selection, transparency, and adherence to due process in line with public service guidelines and labour laws.
He said such a significant decision has socio-economic implications for the affected individuals, their dependants, and the broader economy, potentially leading to increased unemployment and public dissatisfaction.
He said the reported payoff scheme amounting to N50 billion may lack sufficient accountability and oversight mechanisms, posing risks of mismanagement and abuse of public funds in a sector vital to Nigeria’s financial stability.
