… say exercise raises critical questions

…urge apex bank to suspend further implementation

The House of Representatives has resolved to investigate the mass retirement of over 1,000 staff members of the Central Bank of Nigeria (CBN) and the N50bn payoff scheme linked to the disengagement.

The decision, reached during plenary on Tuesday, followed the adoption of a motion of urgent public importance sponsored by Kama Nkemkama, who represents Ohaozara/Onicha/Ivo Federal Constituency in Ebonyi State.

Nkemkama, in his motion titled, “Need to investigate the retirement of over 1,000 staff of the Central Bank of Nigeria and the associated N50bn payoff scheme,” urged lawmakers to scrutinise the criteria and transparency of the exercise.

He argued that such a large-scale retrenchment requires proper oversight to safeguard the interests of the affected individuals and ensure adherence to due process.

According to Nkemkama, the CBN’s announcement of a N50bn payoff as part of its human resource reorganisation raises significant concerns about its accountability.

He said, “the House is concerned about the sudden mass retirement of over 1,000 staff, including directors and senior management,” adding that the development “raises critical questions about the criteria for selection, transparency, and adherence to due process in line with public service guidelines and labour laws.”

The Labour Party lawmaker further highlighted the socio-economic implications of the mass disengagement, emphasising its potential to increase unemployment and dissatisfaction among the public. He noted that the N50bn payoff scheme might lack sufficient oversight, creating risks of mismanagement in a sector crucial to Nigeria’s financial stability.

Following a robust debate, the House, presided over by Speaker Tajudeen Abbas, resolved to set up an ad-hoc committee to probe the circumstances surrounding the retirement exercise. The committee will ascertain the criteria, legality, and overall impact of the action, alongside examining the transparency of the payoff scheme.

The Green Chamber also directed the leadership of the CBN to engage with the committee to evaluate the broader economic and institutional consequences of the mass retirement. In addition, it urged the apex bank to suspend further implementation of the exercise and the payoff scheme until the investigation is concluded.

The House further called on the Federal Ministry of Labour and Employment to ensure that the rights of the affected staff are fully protected under Nigerian labour laws.