Today, the House of Representatives instructed the Central Bank of Nigeria (CBN) to halt the retirement of 1,000 employees and the accompanying severance package pending the conclusion of an investigation.
The House resolved to probe the mass retirement of over 1,000 CBN staff to assess the criteria, procedures, and legality of the decisoon.
The investigation will also scrutinize the N50 billion severance package to ensure it is handled transparently, with accountability and proper utilization of funds.
An ad hoc committee will be formed to consult with CBN leadership and evaluate the potential economic and institutional impacts of the retirements on Nigeria’s financial sector.
The motion, classified as one of urgent public importance, was introduced by Kama Nkemkama (LP, Ebonyi), who called on the Federal Ministry of Labour and Employment to safeguard the rights of the affected employees in line with Nigerian labour laws.
While presenting the motion, Nkemkama highlighted media reports indicating that the CBN intends to retire over 1,000 employees as part of its ongoing restructuring under the Acting Governor’s administration.
He highlighted reports that the CBN has introduced a N50 billion compensation package for affected employees as part of its human resource restructuring efforts, emphasizing that the process aims to promote fairness and equity.
Nkemkama expressed concerns over the abrupt mass retirement of over 1,000 staff members, including directors and senior executives. He questioned the criteria used for selection, the transparency of the process, and its compliance with public service regulations and labor laws.
He stressed that a decision of this magnitude carries significant socio-economic consequences for the affected individuals, their families, and the broader economy, potentially exacerbating unemployment and public dissatisfaction.
The lawmaker also cautioned that the proposed N50 billion compensation plan might suffer from insufficient accountability and oversight, raising concerns about potential mismanagement and misuse of public funds in a sector vital to Nigeria’s financial stability.
