In order to look into the circumstances behind the mass retirement of 1,000 employees of the Central Bank of Nigeria, the House of Representatives decided on Tuesday to form an ad hoc committee.
Additionally, the House decided to determine the N50 billion compensation budget for the settlement of the apex bank’s disengaged employees.
After a motion of urgent public interest, presented by Mr. Kama Nkemkama, the member representing Ohaozara/Oncha/Ivo Federal Constituency, Ebonyi State, was adopted, the House passed its resolution.
As part of its strategic personnel realignment, the CBN is reportedly planning to retire over 1,000 workers.
In response to the motion, “Need to investigate the retirement of over 1,000 staff of the Central Bank of Nigeria and the associated N50bn payoff scheme,” Nkemkama called on his colleagues to step up and demonstrate sufficient interest in the issue.
“CBN announced a N50 billion payoff scheme to compensate the affected staff, as part of its human resource reorganization strategy,” he said, adding that the House should look into the matter.
“The House expresses concern regarding the abrupt mass retirement of more than 1,000 employees, including directors and senior management,” he continued.
It “raises critical questions about the criteria for selection, transparency, and adherence to due process in line with public service guidelines and labor laws,” he said.
According to him, the disengagement of the employees “has socio-economic implications for the affected individuals, their dependents, and the broader economy, potentially leading to increased unemployment and public dissatisfaction.”
Labour Party member Nkemkama went on to say, “The N50 billion payoff plan may not have adequate accountability and oversight mechanisms, posing risks of mismanagement and abuse of public funds in a sector vital to Nigeria’s financial stability.”
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After the motion was approved, the House, which was chaired by Speaker Tajudeen Abbas, decided to form an ad hoc committee to “analyze the mass retirement of over 1,000 CBN staff to ascertain the criteria, process, and legality of the exercise.”
In order to guarantee accountability, transparency, and appropriate use of funds, the House also decided to “examine the N50 billion payoff scheme.”
“Involve the leadership of the CBN to assess the possible institutional and economic impact of mass retirement on Nigeria’s financial sector,” the Green Chamber also decided.
The lawmakers also asked the apex bank to halt the retirement exercise and related payout plan until the House investigation was finished.
This is in accordance with its request that the Federal Ministry of Labor and Employment guarantee the protection of the impacted employees’ rights under Nigerian labor regulations.
