House of Representatives to probe retirement of 1,000 CBN staff, reported N50 bn payouts

By Olaitan Ibrahim

The House of Representatives, Tuesday, resolved to investigate the retirement of no fewer than 1,000 staffs of the Central Bank of Nigeria, CBN, and the associated N50billion Payoff Scheme.

The House also resolved to constitute an ad-hoc committee to see to the legality of the exercise, examine the N50 billion payoff scheme to ensure transparency, accountability, and proper utilisation of funds.

The House is also to engage the leadership of the CBN to evaluate the potential economic and institutional impact the mass retirement would have on Nigeria’s financial sector.

The House urged the CBN to suspend further implementation of the retirement exercise and associated payoff scheme pending the outcome of the House’s investigation.

The lawmakers also called on the Federal Ministry of Labour and Employment to ensure that the rights of the affected staff were protected in accordance with Nigerian labour laws.

These resolutions followed the adoption of a motion of urgent national importance moved by Kama Nkemkama, member representing Ohaozara/Oncha/Ivo Federal Constituency of Ebonyi State.

Moving the motion, Nkemkama noted the report published in the media, indicating that the CBN plans to retire over 1,000 staff across various levels as part of its restructuring process under the governor’s leadership.

He also noted the CBN’s announcement of a N50 billion payoff scheme to compensate the affected staff, as part of its human resource reorganisation strategy, with claims that the process would ensure fairness and equity.

He expressed concerns 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.