Reps probe planned retirement of 1,000 CBN staff, N50bn payoff

The House of Representatives has set up an Adhoc Committee to investigate the planned retirement of over 1000 staff by the Central Bank of Nigeria (CBN) and payment of N50 billion as payoff to the retiring staff.

This followed the adoption of a motion on matters of urgent public importance moved by Rep. Kama Nkemkama at the plenary on Tuesday.

Presenting the motion, the lawmaker cited a report published in Daily Trust dated 2nd December 2024, that the CBN plans to retire over 1,000 staff across various levels as part of its restructuring process under the acting governor’s leadership.

He complained about “The CBN’s announcement of a N50 billion payoff scheme to compensate the affected staff, as part of its human resource reorganisation strategy, with claims that the process will ensure fairness and equity.

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“The sudden mass retirement of over 1,000 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 dependents, and the broader economy, potentially leading to increased unemployment and public dissatisfaction”.

Rep. Nkemkanma noted that 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 House adopted the motion and announced the formation of the ad hoc committee to investigate the mass retirement of the over 1,000 CBN staff to ascertain the criteria, process, and legality of the exercise.

It is to also examine the N50 billion payoff scheme to ensure transparency, accountability, and proper utilisation of funds and engage the leadership of the CBN to evaluate the potential economic and institutional impact of mass retirement on Nigeria’s financial sector.

The adhoc committee was announced by the Speaker Abbas Tajuddeen with Rep. Usman Bello Kumo as chairman and Rep. Aliyu Sani Madaki; Rep. Iduma Igariwey; Rep. Kelechi Wogu; Rep. Sada Soli Jibia; Rep. Zakariah Dauda Nyampah and Rep. Paschal Abodike as members.