The Nigerian House of Representatives has directed the Central Bank of Nigeria (CBN) to pause its planned retirement of over 1,000 staff members.
This decision comes as part of an investigation into the criteria, process, and legality of the mass retirements, which include a proposed N50 billion payoff scheme.
The directive was issued on Tuesday, December 3, following a motion of urgent public importance sponsored by lawmaker Kama Nkemkama from Ebonyi State.
Nkemkama expressed concerns about the abrupt nature of the retirements, stating, "The sudden mass retirement of over 1,000 employees, including directors and senior management, raises questions about the selection criteria, transparency, and adherence to due process."
The House aims to ensure that the retirement process is conducted with fairness and equity, in line with Nigerian labour laws.
An ad hoc committee will be established to engage with CBN leadership and assess the potential economic and institutional impacts on Nigeria’s financial sector.
The committee will also scrutinize the N50 billion payoff scheme to ensure accountability and prevent misuse of public funds.
Nkemkama highlighted the socio-economic implications of the retirements, warning that they could lead to increased unemployment and public discontent. He emphasized, "Such a major decision has socio-economic implications for the individuals affected, their dependants, and the wider economy."
Comments