- The House of Representatives urges the CBN to suspend the retirement of over 1,000 staff and halt the N50 billion payoff
- Concerns about transparency in the retirement selection process led to the formation of an Adhoc Committee to investigate the matter
The House of Representatives has called on the Central Bank of Nigeria (CBN) to suspend its planned retirement of over 1,000 staff members.
The decision includes halting the proposed N50 billion payoff package until a thorough investigation is completed.
This resolution followed a motion presented by Rep. Kama Nkemkama during Tuesday’s plenary session. The motion was based on a December 2, 2024, report that revealed the apex bank’s plans to retire the employees as part of its restructuring exercise.
Nkemkama expressed concerns about the criteria for selecting staff for retirement and the transparency of the process. He emphasized the need for adherence to public service guidelines and labour laws to ensure fairness.
The lawmaker also highlighted the potential socio-economic impacts of mass retirement. These include increased unemployment, public discontent, and negative economic implications for the country.
To address these issues, the House approved the formation of an ad hoc committee. This committee is tasked with investigating the mass retirement plan, reviewing the selection process and criteria, and ensuring transparency in the proposed N50 billion payoff scheme.
The investigation aims to promote accountability and fairness while mitigating potential adverse effects on the economy and affected individuals.