Reps to probe CBN’s retirement of over 1,000 staff, N50bn payoff

The House of Representatives on Tuesday unveiled plans to investigate the retirement of over 1,000 staff of the Central Bank of Nigeria (CBN) and the associated N50 billion payoff scheme.

The resolution was passed sequel to the adoption of a motion sponsored by Hon. Kama Nkemkama who called for the House intervention.

In his lead debate, Hon. Nkemkama expressed grave concern over the media report on the apex Bank’s “plans to retire over 1,000 staff across various levels as part of its restructuring process under the Acting Governor’s leadership.

“The House also notes that the CBN’s announcement of a N50 billion payoff scheme to compensate the affected staff, as part of its human resource reorganisation strategy, with claims that the process will ensure fairness and equity.

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

“The House is further concerned that 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.

“The House is worried that 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,” he noted.

To this end, the House resolved to constitute a high-level Ad-hoc committee to investigate the mass retirement of over 1,000 staff of the CBN to ascertain the criteria, process, and legality of the exercise. Examine the N50 billion payoff scheme to ensure transparency, accountability, and proper utilisation of funds.

The lawmakers also resolved to engage the leadership of the CBN to evaluate the potential economic and institutional impact the mass retirement on Nigeria’s financial sector.

Meanwhile, the House mandated the apex bank to suspend further implementation of the retirement exercise and associated payoff scheme pending the outcome of the House House investigation.

In the bid to ensure justice, the House tasked the Federal Ministry of Labour and Employment to ensure that the rights of the affected staff are protected by Nigerian labour laws.

To this end, the House mandated the Ad-hoc Committee to report back to the House within four weeks for further legislative actions.

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