Reps probe CBN’s mass retirement, ₦50 billion payoff

The House of Representatives on Tuesday directed the Central Bank of Nigeria (CBN) to suspend its plan to retire over 1,000 staff and the ₦50 billion payoff scheme until a thorough investigation is completed.

The resolution mandates an inquiry into the mass retirement to assess its criteria, process, and legality, as well as to scrutinize the ₦50 billion payoff to ensure transparency and proper use of funds. An ad hoc committee will be formed to engage with CBN leadership and evaluate the potential impact on the financial sector.

READ ALSO: CBN to retire 1,000 staff, offers ₦50bn payoff

The motion, sponsored by Kama Nkemkama (LP, Ebonyi), was adopted as a matter of urgent public importance. It also directs the Federal Ministry of Labour and Employment to ensure the rights of the affected employees are protected according to Nigerian labour laws.

Nkemkama raised concerns over media reports about the planned retirements and payoff, questioning the fairness of the process and its alignment with public service guidelines. He also warned of the socio-economic impact on employees and the risks of mismanagement of the ₦50 billion payoff, which could harm Nigeria’s financial stability.

Proofreading by Uchechi Ojo, Sub-editor at NeptunePrime.

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