JUST IN: House of Reps blocks CBN’s mass retirement plan, probe N50billion payoff

The House of Representatives has intervened in the Central Bank of Nigeria’s (CBN) planned mass retirement of over 1,000 staff,.

The Green Chambers has suspended the exercise and initiated an investigation into the associated N50 billion payoff scheme.

Adopting a motion of urgent public importance sponsored by Kama Nkemkama (LP, Ebonyi), the House asked the Federal Ministry of Labour and Employment to ensure that the rights of the affected staff are protected under Nigerian labour laws.

Lawmakers raised concerns about the transparency and legality of the retirement criteria and the potential misuse of public funds.

The House said an ad hoc committee will be set up to scrutinize the impacts on the financial sector and ensure compliance with labour laws.

The Federal Ministry of Labour and Employment has also been tasked to safeguard the rights of affected staff, highlighting the socio-economic implications of the decision.