Mohammed Shosanya
The House of Representatives,has constituted an ad-hoc committee to investigate the circumstances surrounding the mass retirement of 1,000 staff members of the Central Bank of Nigeria (CBN).
The decision was sequel to deliberations on a motion presented during plenary, highlighting concerns over the abrupt disengagement of the employees and the implications for both the affected staff and the nation’s apex bank.
The House resolved to address concerns following the adoption of a motion of urgent public importance sponsored by Mr. Kama Nkemkama,the member representing Ohaozara/Onicha/Ivo Federal Constituency of Ebonyi State.
During the session,it was gathered that the Central Bank of Nigeria (CBN) is preparing to retire approximately 1,000 employees as part of its ongoing strategic workforce realignment.
The development has raised questions about its potential impact on the affected staff and the nation’s financial sector.
The motion seeks to ensure a thorough review of the situation and explore measures to safeguard the welfare of the employees while maintaining the bank’s operational efficiency.
The House has urged the committee to investigate the retirement of over 1,000 staff members of the Central Bank of Nigeria (CBN) and the associated N50 billion payoff scheme.
Speaking on the motion titled, “Need to Investigate the Retirement of Over 1,000 Staff of the Central Bank of Nigeria and the Associated N50bn Payoff Scheme,” Hon. Nkemkama called on his colleagues to rise to the occasion and demonstrate adequate interest in the matter.
He emphasized the need for the House to probe the CBN’s announcement of the N50 billion payoff scheme, which the apex bank described as part of its human resource reorganisation strategy.
According to him,the situation demands closer scrutiny to ensure transparency and accountability in the use of public funds.
He expressed concern over the “sudden mass retirement of more than 1,000 staff, including directors and senior management,” describing it as a troubling development.
According to him, the situation “raises serious questions about the selection criteria, the transparency of the process, and compliance with public service guidelines and labor laws.”
Nkemkama,a member of the Labour Party, has raised concerns about the socio-economic fallout from the disengagement of staff members. He emphasized that this development “has far-reaching implications for the affected individuals, their dependents, and the broader economy. It could exacerbate unemployment and heighten public dissatisfaction.”
Nkemkama faulted the N50 billion payoff scheme, warning that it might lack adequate accountability and oversight. “Without robust mechanisms to ensure transparency, there is a significant risk of mismanagement and misuse of public funds in a sector that is critical to Nigeria’s financial stability,” he stated.
Following the adoption of the motion, the House presided over by the Speaker, Tajudeen Abbas resolved to set up an ad-hoc committee to “Investigate the mass retirement of over 1,000 staff of the CBN to ascertain the criteria, process, and legality of the exercise.
The House also resolved to “Examine the N50bn payoff scheme to ensure transparency, accountability, and proper utilisation of funds.”
The House also resolved to engage the leadership of the Central Bank of Nigeria (CBN) to assess the economic and institutional implications of the recent mass retirement exercise in the nation’s financial sector.
Besides,the House urged the apex bank to suspend the ongoing retirement exercise and its accompanying payoff scheme until the conclusion of an investigation by the House.
The House also called on the Federal Ministry of Labour and Employment to ensure the rights of the affected staff are safeguarded, in line with Nigeria’s labour laws.