The House of Representatives on Tuesday agreed to set up an ad-hoc committee to probe the circumstances that led to the mass retirement of 1,000 staff members of the Central Bank of Nigeria, CBN.
The House also resolved to determine the N50 billion payout earmarked for the settlement of disengaged staff members of the national bank.
The House passed the resolution following the acceptance of a motion of urgent public interest sponsored by Mr. Kama Nkemkama, member of the Ohaozara/Oncha/Ivo Federal Constituency in Ebonyi State.
Chronicle NG reports that the CBN is preparing to retire approximately 1,000 employees as part of its strategic workforce realignment.
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,” Nkemkama urged his colleagues to rise to the occasion and show adequate interest in the matter.
He stated that the House needs to probe “CBN’s announcement of a N50bn payoff scheme to compensate the affected staff, as part of its human resource reorganisation strategy.”
He added, “The House is concerned about the sudden mass retirement of over 1,000 staff, including directors and senior management.”
He mentioned that the development “raises critical questions about the criteria for selection, transparency, and adherence to due process in line with public service guidelines and labour laws.”
He emphasised that the sacking of the employees “has socio-economic implications for the affected individuals, their dependants, and the broader economy, potentially leading to increased unemployment and public dissatisfaction.”
Nkemkama, a Labour Party member, went on to say that “The payoff scheme amounting to N50bn 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.”
Following the passage of the resolution, the House, presided over by Speaker Tajudeen Abbas, voted to form 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 lawmakers also resolved to “engage the leadership of the CBN to evaluate the potential economic and institutional impact the mass retirement has on Nigeria’s financial sector.”
The legislature called on the CBN to suspend further implementation of the retirement exercise and associated payoff scheme pending the outcome of the House investigation.
This comes as it has urged the Federal Ministry of Labour and Employment to ensure that the affected employees’ rights are protected under Nigerian labour laws.
