Reps ask CBN to suspend proposed retirement of 1,000 staff

The House of Representatives has called on the Central Bank of Nigeria (CBN) to suspend its “planned” retirement of 1,000 staff members, citing concerns over transparency and due process.

 The apex bank reportedly intends to retire the officials with a severance package totalling over N50 billion.

During Tuesday’s plenary session, the lower chamber resolved to establish an ad hoc committee to investigate the “process and legality” of the exercise. The investigation aims to ensure transparency, accountability, and proper utilization of funds.

The resolution followed the adoption of a motion of urgent public importance sponsored by Kama Nkemkama, a lawmaker from Ebonyi State. Nkemkama criticized the sudden nature of the proposed retirement, questioning the criteria for selection and adherence to public service guidelines and labour laws.

“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,” Nkemkama 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.”

The motion was adopted through a voice vote led by Speaker Tajudeen Abbas, prompting further actions from the House. It also directed the Ministry of Labour and Employment to safeguard the rights of the affected staff.

The ad hoc committee has been given four weeks to investigate the matter and report its findings to the House.