REPS TO PROBE CBN OVER MASS RETIREMENT, N50BN PAYOFF
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On Tuesday, the House of Representatives decided to form an ad hoc committee to look into the reasons for the Central Bank of Nigeria’s 1,000 staff members’ mass retirement.
The House also decided to determine the N50 billion compensation budget for the apex bank’s disengaged employees’ settlement.
The House’s resolution came after a motion of urgent public interest, presented by Mr. Kama Nkemkama, the member for Ohaozara/Oncha/Ivo Federal Constituency, Ebonyi State, was adopted.
About 1,000 staff will be retired by the CBN as part of its strategic personnel reorganization.
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.”
In addition, the legislative body urged the apex bank to halt the retirement exercise and related payout plan until the House probe was over.
This is in line with its request that the Federal Ministry of Labor and Employment make sure that the impacted employees’ rights are upheld in accordance with Nigerian labor regulations.
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