The House of Representatives on Tuesday will investigate the circumstances that led to the mass retirement of 1,000 staff members of the Central Bank of Nigeria.
The House also is to ascertain the N50 billion payout earmarked for the settlement of the staff members of the apex bank to be disengaged.
The house took the decision after adopting a motion of urgent public importance sponsored by Kama Nkemkama (Ebonyi, LP).
Speaking on the motion titled, “Need to investigate the retirement of over 1,000 staff of the Central Bank of Nigeria and the associated N50bn payoff scheme,” Nkemkama, who represents Ohaozara/Oncha/Ivo Federal Constituency, urged his colleagues to the matter.
He said the House needs to probe the “CBN’s announcement of a N50 Billion payout scheme to compensate the affected staff, as part of its human resource reorganisation strategy,” adding that “The House is concerned about the sudden mass retirement of over 1,000 staff, including directors and senior management.”
Nkemkama said 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 disengagement of the staff members, he stressed, “Has socio-economic implications for the affected individuals, their dependents, and the broader economy, potentially leading to increased unemployment and public dissatisfaction.”
Nkemkama said “The payoff scheme amounting to N50bn 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 Speaker, Tajudeen Abbas resolved to set up an 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.
The House also resolved to “examine the N50bn payoff scheme to ensure transparency, accountability, and proper utilisation of funds.”
The lawmakers said they would “Engage the leadership of the CBN to evaluate the potential economic and institutional impact the mass retirement has on Nigeria’s financial sector.”
The House urged the CBN to suspend further implementation of the retirement plan and associated payoff pending the outcome of the House investigation.
This is just as it called on the Federal Ministry of Labour and Employment to ensure that the rights of the affected staff are protected under Nigerian labour laws.
The CBN is set to retire approximately 1,000 employees as part of its strategic workforce realignment.
