The House of Representatives has commenced an investigation into the planned retirement of 1,000 officials of the Central Bank of Nigeria (CBN).
The resolution followed the adoption of a motion of urgent public importance by Kama Nkemkama (LP-Ebonyi) during plenary in Abuja on Tuesday, December 3, 2024.
A report recently emerged that the CBN planned to retire over 1,000 officials across various levels.
It was reported that the retirement was part of a restructuring process under the CBN Governor’s leadership with N50 billion payoff scheme to compensate the affected officials.
Presenting the motion, Nkemkama stated that the sudden mass retirement of over 1,000 staff, including directors and senior management, raises critical questions.
These, according to him, include the criteria for selection, transparency, and adherence to due process in line with public service guidelines and labour laws.
The lawmaker said such a significant decision has socio-economic implications for the affected individuals, their dependants, and the economy.
This, he said, would potentially lead to increased unemployment and public dissatisfaction.
Nkemkama also expressed worry that the reported payoff scheme amounting to N50 billion might lack sufficient accountability and oversight mechanisms.
After firing 17 directors, CBN to retire 1,000 officials
Nkemkama added that this would pose risks of mismanagement and abuse of public funds in a sector vital to Nigeria’s financial stability.
Adopting the motion, the House, therefore, constituted a high-level ad hoc committee to investigate the planned mass retirement of the CBN officials.
The House stated that this was to ascertain the criteria, process, and legality of the exercise.
The lawmakers said they would also examine the N50 billion payoff scheme to ensure transparency, accountability, and proper utilisation of funds.
The House also resolved to engage the CBN leadership to evaluate the potential economic and institutional impact of mass retirement on Nigeria’s financial sector.
The lawmakers urged the CBN to suspend further implementation of the retirement exercise and associated payoff scheme pending the outcome of its committee’s investigation.
They further called on the Federal Ministry of Labour and Employment to ensure that the rights of the affected staff were protected in accordance with Nigerian labour laws.
The lawmakers requested the committee to report back to the House within four weeks for further legislative actions.
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