The House of Representatives has directed the Central Bank of Nigeria (CBN) to suspend the retirement of over 1,000 staff members and the associated N50 billion payoff scheme pending an investigation into the process.
The directive, issued during Tuesday’s plenary, followed a motion of urgent public importance sponsored by Kama Nkemkama (Labour Party, Ebonyi).
The lawmakers resolved to investigate the mass retirement to assess its criteria, process, and adherence to labour laws and public service guidelines.
In his motion, Nkemkama cited media reports suggesting that the planned retirement forms part of a restructuring strategy under the Acting CBN Governor’s leadership.
The lawmaker questioned the transparency and fairness of the move, expressing concerns over its legality and potential socio-economic impacts.
“The sudden retirement of over 1,000 employees, including directors and senior management staff, raises questions about the selection criteria, adherence to due process, and the socio-economic implications for the affected individuals, their families, and the broader economy,” Nkemkama stated.
He warned that the mass layoffs could exacerbate unemployment and public dissatisfaction, particularly given the current economic challenges in Nigeria.
Nkemkama also flagged the N50 billion payoff scheme as a potential risk for financial mismanagement, urging the need for greater accountability and oversight.
The House has mandated the establishment of an ad hoc committee to interface with CBN leadership and evaluate the potential economic and institutional impacts of the retirements on Nigeria’s financial sector.
Furthermore, the committee will scrutinize the N50 billion payoff scheme to ensure that public funds are transparently and appropriately utilised.
The lawmakers also called on the Federal Ministry of Labour and Employment to ensure the protection of the rights of affected staff in line with Nigerian labour laws.
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