Reps to investigate alleged mass retirement of CBN 1,000 personnel, N50bn payoff

House of Representatives has resolved to raise a special Ad-hoc Committee with a view to investigate the alleged planned mass retirement of over 1,000 staff of the Central Bank of Nigeria (CBN), to ascertain the criteria, process, and legality of the exercise.Food and travel guides

The committee is also expected to examine the reported N50 billion payoff scheme to the affected staff members in order to determine transparency, accountability, and proper utilisation of funds, as well as engage the leadership of the CBN to evaluate the potential economic and institutional impact the mass retirement on Nigeria’s financial sector, and report back within four weeks.

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In the meantime, the CBN has been urged to suspend further implementation of the retirement exercise and associated payoff scheme pending the outcome of the House House investigation, as the House 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.

The resolution on Tuesday, was fallout of a motion by Hon. Kama Nkemkama, representing Ohaozara/Oncha/Ivo Federal Constituency of Ebonyi State on the “Need to Investigate the Retirement of Over 1,000 Staff of the Central Bank of Nigeria (CBN) and the Associated N50 Billion Payoff Scheme”.

Citing a recent newspaper publication on the development, the lawmaker said there was alleged plan by the apex bank to carry out the exercise “as part of its restructuring process under the Acting Governor’s leadership”, adding that a total of N50 billion payoff scheme has been reportedly planned “to compensate the affected staff, as part of its human resource reorganisation strategy, with claims that the process will ensure fairness and equity”.

Expressing concerns, the lawmaker said, “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”.