Reps Abort Plan To Retire 1,000 CBN’s Staff; Demands Inquiry Into N50 Billion Retirement Compensation

The House of Representatives has urged the Central Bank of Nigeria (CBN) to put on hold, plan to retire 1,000 of its staff pending its investigation into the exercise, saying action has a dire consequence on the nation’s economy.

It also agreed to set up an Ad-hoc Committee to investigate the planned retirement exercise.

The committee is expected to find out the criteria, process and legality of the planned retirement, as well as engage with the CBN management to evaluate the likely impact of the exercise on the country’s financial sector.

The panel was equally saddled with the responsibility to examine the N50 billion reportedly earmarked as pay off for those to be affected by the exercise to “ensure transparency, accountability, and proper utilisation of funds”, and report back to the House in four weeks for further legislative actions.

The House also implored the Federal Ministry of Labour and Employment to ensure that the rights of all affected staff are protected in accordance with Nigerian labour laws. This followed the adoption of a motion by a member representing Ohaozara/ Onicha/Ivo Federal Constituency of Ebonyi State, Nkemkamma Kama.

Kama, in his motion, drew the attention of the House to media reports indicating that the apex bank plans to retire over 1,000 of its staff across various cadres as part of its restructuring programme.

The lawmaker pointed to the CBN’s announcement of a N50 billion payoff scheme to compensate the affected staff, as part of its human resource reorganisation strategy, with claims that the process will ensure fairness and equity.

Nevertheless, he expressed concern that “the sudden mass retirement of over 1,000 staff, including directors and senior management, raises critical questions about the criteria for selection, transparency, and adherence to due process in line with public service guidelines and labour laws.”

Besides, the lawmaker argued that “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.

“The reported payoff scheme amounting to N50 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”, Kama said.