Suspend planned retirement of 1,000 staff, Reps tell CBN

The House of Representatives has launched an investigation into the planned retirement of over 1,000 staff members of the Central Bank of Nigeria (CBN) and the proposed N50 billion payoff for the affected employees.

The House also asked the apex bank to suspend the planned mass retirement pending the outcome of its investigation.

The resolutions followed a motion by Rep. Kama Nkemkama during the Plenary on Tuesday.

Nkemkama cited a report from Daily Trust published on December 2, 2024, which revealed that the CBN plans to retire more than 1,000 staff as part of a restructuring process.

The motion raised concerns over the criteria for selecting the staff to be retired, the transparency of the process, and adherence to due process, as required by public service guidelines and labour laws.

The lawmaker highlighted the socio-economic impact this mass retirement could have, including potential increased unemployment and public dissatisfaction, as well as the broader economic implications for the country.

In response, the House approved the formation of an Adhoc Committee tasked with investigating mass retirement, evaluating the process and criteria used, and ensuring the transparency and accountability of the N50 billion payoff scheme.