Reps ask CBN to suspend ‘planned’ retirement of 1,000 staff

The house of representatives has asked the Central Bank of Nigeria (CBN) to suspend the “planned” retirement of 1,000 staff.

The apex bank is said to be preparing to retire 1,000 officials and provide them with a severance package totaling over N50 billion.

During Tuesday’s plenary, the house resolved to set up an ad hoc committee to investigate the “process and legality” of the exercise to “ensure transparency, accountability, and proper utilisation of funds”.

The lower legislative chamber passed the resolution following the adoption of a motion of urgent public importance sponsored by Kama Nkemkama from Ebonyi state.

Nkemkama 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”.

“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.

“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.”

The motion was adopted when it was put to a voice vote by Tajudeen Abbas, speaker of the house.

Consequently, the house asked the ministry of labour and employment to protect the rights of the affected staff.

The committee, when set up, has four weeks to carry out the investigation and report back to the house.