JUST IN: House of Representatives Directs CBN to Halt Staff Retirements Pending Investigation

The Nigerian House of Representatives has directed the Central Bank of Nigeria (CBN) to suspend the retirement of over 1,000 staff and the accompanying N50 billion payoff scheme until an investigation into the matter is concluded.

This decision followed the adoption of a motion of urgent public importance sponsored by Kama Nkemkama (LP, Ebonyi) during Tuesday’s plenary. The House expressed concerns over the criteria, process, and legality of the mass retirement, as well as the transparency and accountability of the payoff scheme.

Nkemkama cited reports indicating that the CBN, under the Acting Governor’s leadership, plans to implement a large-scale restructuring, which includes the retirement of employees across various levels. As part of this process, the bank reportedly announced a N50 billion compensation package to ensure fairness and equity.

However, the legislator raised alarms about the lack of clarity regarding the selection criteria and adherence to public service guidelines and labour laws. He emphasized the potential socio-economic implications of such a decision, including increased unemployment and public dissatisfaction, as well as the risk of mismanagement of funds.

The House has resolved to form an ad hoc committee to investigate the matter, focusing on the impact of the retirements on Nigeria’s financial sector and the accountability of the payoff scheme. The Federal Ministry of Labour and Employment has also been directed to ensure that the rights of the affected staff are protected in line with Nigerian labour laws.