Hussaini Kafi in Kano
The House of Representatives has resolved to investigate the retirement of over 1,000 staff members of the Central Bank of Nigeria (CBN) and the associated ₦50 billion payoff scheme.
This decision came after a motion of urgent public importance, sponsored by Dr. Kama Nkemkama, a member representing Ebonyi State, was adopted during a plenary session.
Dr. Nkemkama, in presenting the motion, referred to a December 2, 2024 publication by Daily Trust that revealed the CBN’s plan to retire more than 1,000 staff across various levels, as part of a restructuring process under the leadership of the Acting Governor.
The CBN has stated that the ₦50 billion payoff scheme was designed to compensate the affected staff as part of its human resource reorganization strategy, claiming that the process would ensure fairness and equity.
However, the lawmaker expressed concerns over the sudden mass retirement, which includes directors and senior management staff.
He called for a critical examination of the criteria used to select the affected individuals to ensure that the process adheres to public service guidelines and labour laws.
Dr. Nkemkama also pointed out the potential socio-economic impact of the decision, which could lead to increased unemployment and public dissatisfaction.
He further raised concerns about the accountability and oversight of the ₦50 billion payoff scheme, suggesting that the lack of proper oversight could lead to the mismanagement of public funds in a sector crucial to Nigeria’s financial stability.
The lawmaker urged the House to direct the CBN to suspend the implementation of the planned retirement and the associated payoff scheme pending the outcome of the investigation.
Additionally, he called on the Federal Ministry of Labour and Employment to ensure that the rights of the affected staff were protected in line with Nigerian labor laws.
Following the adoption of the motion, Speaker Dr. Abbas Tajuddeen announced that an ad-hoc committee would be formed to handle the matter and conduct further investigations.
This probe highlights growing concerns over transparency and fairness in the management of Nigeria’s financial institutions and the impact on the welfare of the country’s workforce.
