Federal House of Representatives have asked the Central Bank of Nigeria (CBN) to suspend its alleged move to lay off over 1,000 workers, including Directors and top management staff.
The directive followed a motion, titled: “Need to Investigate the Retirement of Over 1,000 Staff of the Central Bank of Nigeria (CBN) and the Associated N50 Billion Payoff Scheme,” presented at the plenary today, December 3, by Rep. Kama Nkemkama (LP-Ebonyi). The motion, presented under urgent public importance was promptly adopted.
Nkemkama said that the proposed mass retirement of over 1,000 staff, including directors and senior management, raised critical questions, such as the criteria for selection, transparency, and adherence to due process in line with public service guidelines and labour laws.
He said that such a significant decision has socio-economic implications for the affected individuals, their dependants, and the broader economy.
He said that the move would potentially lead to increased unemployment and public dissatisfaction, even as he expressed worry that the reported payoff scheme amounting to N50 billion might lack sufficient accountability and oversight mechanisms.
The lawmaker said that this would pose risks of mismanagement and abuse of public funds in a sector vital to Nigeria’s financial stability.
Adopting the motion, the House constituted a high-level ad hoc committee to investigate the planned mass retirement of over 1,000 staff of the CBN
The House said that the investigation would ascertain the criteria, process, and legality of the exercise.
The House resolved to examine the N50 billion payoff scheme to ensure transparency, accountability and proper utilisation of funds.
The House also resolved to engage the leadership of the CBN to evaluate the potential economic and institutional impact of mass retirement on Nigeria’s financial sector.
It called on the CBN to suspend further implementation of the retirement exercise and associated payoff scheme pending the outcome of its committee’s investigation.
The House further called on the Federal Ministry of Labour and Employment to ensure that the rights of the affected staff were protected in accordance with Nigerian labour laws.
It requested the committee to report back to the house within four weeks for further legislative actions.
