The House of Representatives has called on the Central Bank of Nigeria (CBN) to suspend its proposed retirement of 1,000 employees, citing concerns over transparency, legality, and adherence to due process.
This move follows reports that the apex bank intends to retire the employees with severance packages totaling over ₦50 billion. The announcement has sparked widespread concerns about potential mismanagement and socio-economic consequences.
During Tuesday’s plenary session, the House resolved to set up an ad hoc committee to probe the “process and legality” of the planned retirements. The investigation, slated to conclude in four weeks, aims to ensure proper oversight, accountability, and responsible use of public funds.
Kama Nkemkama, a lawmaker from Ebonyi State, introduced the motion, highlighting the abrupt nature of the exercise. He questioned the criteria for selecting affected staff and whether the plan aligns with public service guidelines and labor laws.
“This decision has far-reaching socio-economic implications,” Nkemkama stated. “It could lead to increased unemployment, public dissatisfaction, and financial instability for affected employees and their dependents. Moreover, the proposed ₦50 billion severance package raises accountability concerns, with risks of potential abuse in such a critical sector.”
The motion, endorsed through a voice vote led by Speaker Tajudeen Abbas, directed the Ministry of Labour and Employment to protect the rights of the impacted staff. The House also tasked the ad hoc committee with thoroughly investigating the retirement plan and reporting back within a month.
