Reps order suspension of CBN mass retirement, ₦50bn pay-off
The House of Representatives on Tuesday ordered the suspension of the ongoing mass retirement of Central Bank of Nigeria (CBN) staff, with ₦50bn reportedly set aside for severance packages.
An ad hoc committee was established to investigate the circumstances surrounding the retirement of over 1,000 CBN employees.
The resolution followed the adoption of a motion of urgent public importance titled “Need to Investigate the Retirement of Over 1,000 CBN Staff and the Associated ₦50bn Payoff Scheme,” sponsored by Mr. Kama Nkemkama, the representative for Ohaozara/Onicha/Ivo Federal Constituency, Ebonyi State.
The Central Bank of Nigeria (CBN) is reportedly planning to retire about 1,000 employees as part of its workforce realignment strategy.
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During Tuesday’s plenary, Nkemkama raised concerns over “the sudden mass retirement of over 1,000 staff, including directors and senior management,” along with the CBN’s announcement of a ₦50bn payoff scheme to compensate those affected. He questioned the transparency, selection criteria, and adherence to due process, particularly in relation to public service guidelines and labour laws.
“The ₦50bn payoff scheme may lack adequate accountability and oversight, raising concerns about the potential mismanagement and misuse of public funds in a sector critical to Nigeria’s financial stability,” the lawmaker said.
Following the adoption of the motion, the House, presided over by Speaker Tajudeen Abbas, resolved to set up an ad hoc committee to investigate the mass retirement of over 1,000 CBN staff, focusing on the criteria, process, and legality of the exercise.
The House also agreed to examine the ₦50bn payoff scheme to ensure transparency, accountability, and proper use of funds. Additionally, lawmakers decided to engage the CBN leadership to assess the potential economic and institutional impact of the mass retirement on Nigeria’s financial sector.
The House further called on the CBN to suspend the implementation of the retirement exercise and associated payoff scheme until the investigation is concluded. It also urged the Federal Ministry of Labour and Employment to ensure that the rights of the affected staff are upheld in line with Nigerian labour laws.
Proofreading by Uchechi Ojo, Sub-editor at NeptunePrime.
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