The House of Representatives has resolved to establish an ad-hoc committee to investigate the circumstances surrounding the mass retirement of 1,000 staff members from the Central Bank of Nigeria (CBN). The committee will also probe the N50 billion earmarked for the settlement of the disengaged employees.
This resolution followed the adoption of a motion of urgent public importance by Mr. Kama Nkemkama, the representative for Ohaozara/Oncha/Ivo Federal Constituency in Ebonyi State. In his motion, Nkemkama stated, “The House is concerned about the sudden mass retirement of over 1,000 staff, including directors and senior management.” He further added that the situation “raises critical questions about the criteria for selection, transparency, and adherence to due process in line with public service guidelines and labour laws.”
He noted that the staff disengagement had “socio-economic implications for the affected individuals, their dependants, and the broader economy, potentially leading to increased unemployment and public dissatisfaction.” He also highlighted the risks associated with the N50 billion payoff scheme, saying, “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 adoption of the motion, the House, presided over by Speaker Tajudeen Abbas, resolved 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 Green Chamber further 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 House also called on the apex bank to suspend further implementation of the retirement exercise and associated payoff scheme pending the outcome of the investigation.
Lastly, the House urged the Federal Ministry of Labour and Employment to ensure that the rights of the affected staff are protected under Nigerian labour laws.
