The House of Representatives has directed the Central Bank of Nigeria (CBN) to suspend its planned mass retirement of over 1,000 staff members and the accompanying ₦50 billion payoff scheme pending the conclusion of an investigation.
The directive followed a motion of urgent public importance raised by Mr. Kama Nkemkama, representing Ohaozara, Onicha, and Ivo Federal Constituency of Ebonyi State. The House has also mandated an ad-hoc committee to probe the intended mass retirements and the criteria used for selecting affected staff, including directors and senior management.
In his motion, Mr. Nkemkama expressed concerns over the transparency and due process of the CBN’s decision, noting its potential socio-economic implications. “The sudden retirement of over 1,000 employees raises serious questions about fairness, adherence to due process, and the broader economic impact on the affected individuals, their families, and the economy at large,” he stated.
The lawmakers also highlighted that the retirements could exacerbate unemployment and public dissatisfaction, particularly in a challenging economic climate.
Adopting the motion, the House instructed the relevant ad-hoc committee to investigate both the retirement process and the proposed ₦50 billion payoff scheme. The committee has been tasked to report its findings within four weeks for further legislative action.
