Suspend retirement of 1,000 staff, Reps tell CBN

The House of Representatives has called on the Central Bank of Nigeria (CBN) to suspend its plan to retire 1,000 of its staff.

To ensure transparency, accountability, and the proper utilization of funds, the lawmakers at Tuesday’s plenary resolved to set up an ad hoc committee to investigate the retirement process, which will see the officials receive a severance package totaling over N50 billion from CBN.

The decision followed a motion sponsored by Kama Nkemkama from Ebonyi State, who said the sudden planned retirement of the 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.”

He said such a significant decision has socio-economic implications for the affected individuals, their dependents, 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, he said.

Following a voice vote by Speaker Tajudeen Abbas, the motion was adopted by the House, which asked the Ministry of Labour and Employment to protect the rights of the affected staff.

Four weeks were then given to the committee to probe the retirement exercise.