By Uzair Adam
The House of Representatives has commenced an investigation into the Central Bank of Nigeria’s (CBN) planned retirement of over 1,000 staff, including senior management and directors.
This move followed a motion of urgent public importance presented by Rep.
Kama Nkemkama (LP-Ebonyi) during Tuesday’s plenary session, titled “Need to Investigate the Retirement of Over 1,000 Staff of the Central Bank of Nigeria (CBN) and the Associated N50 Billion Payoff Scheme.”
A media report on December 2 revealed that the retirement plan is part of an ongoing restructuring initiative under the leadership of the current CBN Governor.
The report further indicated that a N50 billion payoff scheme has been proposed to compensate the affected employees.
While presenting the motion, Nkemkama showed concerns regarding the selection criteria, transparency, and adherence to public service guidelines and labour laws.
He noted that the mass retirement could lead to increased unemployment and heightened public discontent.
The lawmaker also expressed concern over the N50 billion payoff scheme, pointing to potential risks of mismanagement and insufficient oversight of public funds in a sector crucial to Nigeria’s financial stability.
Following the debate, the House resolved to set up an ad hoc committee to investigate the retirement plan.
The committee will examine the criteria, legality, and transparency of the process, as well as ensure that the funds are properly utilized.
Additionally, the House urged the CBN to suspend the retirement exercise and its associated payoff scheme pending the outcome of the investigation.
The Federal Ministry of Labour and Employment was also called upon to protect the rights of the affected employees in line with Nigeria’s labour laws.
The committee is expected to report its findings to the House within four weeks for further legislative action.