Suspend Planned Retirement Of 1,000 Staff, N50bn Payoff, Reps Tell CBN

The House of Representatives has urged the Central Bank of Nigeria(CBN) to suspend further implementation of its planned retirement of 1,000 staff and associated payoff scheme of N50 billion, pending the legislature’s investigation.

This was as the House resolved to Investigate the planned mass retirement at the apex bank to ascertain the exercise’s criteria, process, and legality. Could you look over the N50 billion payoff scheme to ensure transparency, accountability, and proper fund utilisation?

This was in addition to adopting a motion of urgent public importance moved by Hon Kama Nkemkama from Ebonyi State at plenary on Tuesday.

To move the motion, the lawmaker cited a media report from December 2, 2024, indicating that CBN planned to retire over 1,000 staff across various levels as part of its restructuring process under the Acting Governor’s leadership.

He expressed worry that the sudden mass retirement of over 1,000 staff, including directors and senior management, raised critical questions about the criteria for selection, transparency, and adherence to due process in line with public service guidelines and labour laws.

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Nkemkama was concerned that “such a significant decision has socio-economic implications for the affected individuals, their dependents, and the broader economy, potentially leading to increased unemployment and public dissatisfaction.

“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.”

Adopting the motion, the House asked the Federal Ministry of Labour and Employment to ensure that Nigerian labour laws protect the rights of the affected staff. At the same time, the Committee saddled with the probe is to report back within four weeks for further legislative action.