House of Representatives is to investigate the Retirement of Over 1,000 Staff of the Central Bank of Nigeria (CBN) and the Associated N50 Billion naira Payoff Scheme.
This was sequel to a motion of urgent public importance sponsored by a member from Ebonyi State Dr. Kama Nkemkama, adopted by the house during plenary session.
Presenting the motion Dr. Kama Nkemkama, explained that a publication by the Daily Trust Newspaper on the 2nd December 2024, indicates that the Central Bank of Nigeria (CBN) plans to retire over 1,000 staff across various levels as part of its restructuring process under the Acting Governor’s leadership.
He said Accordimg to the CBN the N50 billion naira payoff scheme was designed to compensate the affected staff, as part of its human resource reorganisation strategy, with claims that the process will ensure fairness and equity.
The lawmaker also expressed concern on the sudden mass retirement of over 1,000 staff, including directors and senior management, stressed the need for critical examination of the criteria for selection of the affected staff to ensure the process was inline with public service guidelines and labour laws.
He further emphasized that the decision has significant socio-economic implications for the affected individuals, their dependants, and the broader economy, potentially leading to increased in unemployment and public dissatisfaction.
Dr Kama, noted that the payoff scheme amounting to N50 billion naira may lack sufficient accountability and oversight mechanisms, posing risks of mismanagement and abuse of public funds in a sector vital to Nigeria’s financial stability.
Mover of the motion however urged the house to direct the CBN to suspend further implementation of the planned retirement exercise and associated payoff scheme pending the outcome of the House investigation.
The lawmaker equally called on the Federal Ministry of Labour and Employment to ensure that the rights of the affected staff are protected in accordance with Nigerian labour laws to avoid unnecessary infringement on their rights as bonafide citizens.
Adopting the motion the Speaker Dr Abbas Tajuddeen, announced that an adhoc committee will be constituted to handle the matter for further considerations.
