Reps Move To Halt CBN’s Planned Retirement Of 1,000 Staff, Demand Probe

The House of Representatives has called on the Central Bank of Nigeria (CBN) to suspend its planned retirement of 1,000 staff, including directors and senior management, pending an investigation into the process and legality of the exercise.

During Tuesday’s plenary, the lawmakers resolved to establish an ad hoc committee to scrutinize the planned retirement, which is said to include a severance package exceeding ₦50 billion.

The committee is tasked with ensuring transparency, accountability, and the proper use of public funds, with a four-week deadline to submit its findings.

The resolution followed a motion of urgent public importance sponsored by Kama Nkemkama, a representative from Ebonyi State.

Nkemkama raised concerns over the “sudden” nature of the retirements, questioning the criteria for selection and adherence to public service guidelines and labour laws.

“Such a significant decision has socio-economic implications for the affected individuals, their dependants, and the broader economy, potentially leading to increased unemployment and public dissatisfaction,” he said.

Nkemkama also expressed apprehension about the severance package, stating, “The reported payoff scheme amounting to ₦50 billion 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.”

Speaker of the House, Tajudeen Abbas, put the motion to a voice vote, which was adopted unanimously.

The House further urged the Ministry of Labour and Employment to protect the rights of the affected employees.