The House of Representatives has directed the Central Bank of Nigeria (CBN) to suspend the retirement of 1,000 staff and the associated N50 billion payoff scheme until an investigation is completed.
The House aims to evaluate the criteria, process, and legality of the mass retirement, as well as ensure transparency and accountability in the payoff scheme.
An ad hoc committee will be established to engage with CBN leadership and assess the potential economic and institutional effects of the retirements on Nigeria’s financial sector.
The motion, sponsored by Kama Nkemkama (LP, Ebonyi), also calls on the Federal Ministry of Labour and Employment to protect the rights of the affected staff according to Nigerian labour laws.
Nkemkama raised concerns about the sudden mass retirement, questioning the selection criteria, transparency, and adherence to due process. He emphasized the socio-economic implications for the affected individuals, their dependents, and the wider economy, potentially leading to increased unemployment and public discontent.
He also warned that the N50 billion payoff scheme may lack adequate accountability and oversight, posing risks of mismanagement and misuse of public funds in a sector crucial to Nigeria’s financial stability.
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