Halt Mass Retirement, N50bn Pay Off – Reps Tells CBN

The House of Representatives has directed the Central Bank of Nigeria (CBN) to suspend its plan to retire about 1,000 employees, pending the outcome of an investigation into the matter.

The House also resolved to probe the N50 billion payoff scheme earmarked for the disengaged staff.

The House’s resolution followed the adoption of a motion of urgent public importance sponsored by Mr Kama Nkemkama, the member representing Ohaozara/Oncha/Ivo Federal Constituency, Ebonyi State.

Osun Defender had reported that the CBN is preparing to retire approximately 1,000 employees as part of its strategic workforce realignment.

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 urged his colleagues to support rise to the occasion and show adequate interest on the matter.

He noted that the House needs to probe “CBN’s announcement of a N50bn payoff scheme to compensate the affected staff, as part of its human resource reorganisation strategy.”

He added, “The House is concerned about the sudden mass retirement of over 1,000 staff, including directors and senior management.”

He noted 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 disengagement of the staff members he stressed, “Has socio-economic implications for the affected individuals, their dependants, and the broader economy, potentially leading to increased unemployment and public dissatisfaction.”

Nkemkama, a member of the Labour Party further added that “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.”

Following the adoption of the motion, the House presided over by 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 Green Chamber also resolved to “Engage the leadership of the CBN to evaluate the potential economic and institutional impact the mass retirement has on Nigeria’s financial sector.”

The legislative also urged the apex bank to suspend further implementation of the retirement exercise and associated payoff scheme 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.