The House of Representatives has commenced an investigation into the planned retirement of over 1,000 staff members of the Central Bank of Nigeria (CBN), including senior management and directors, along with a proposed N50 billion payoff scheme.
The investigation followed the adoption of a motion of urgent public importance presented by Rep. Kama Nkemkama (LP-Ebonyi) during Tuesday’s plenary session.
The 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,” raised concerns about the transparency and legality of the mass retirement exercise.
Rep. Nkemkama emphasized that the sudden retirement of such a significant number of employees poses serious socio-economic and institutional implications.
“This mass retirement raises critical questions regarding the criteria for selection, adherence to due process, and compliance with public service guidelines and labour laws,” Nkemkama said.
He further warned that the exercise could exacerbate unemployment, fuel public dissatisfaction, and destabilize Nigeria’s financial sector.
The lawmaker also expressed concerns over the accountability of the N50 billion payoff scheme, suggesting risks of potential mismanagement and abuse of public funds.
The House adopted the motion and constituted an ad hoc committee to:
Investigate the criteria, process, and legality of the planned retirement.
Examine the N50 billion payoff scheme to ensure transparency and accountability.
Assess the potential economic and institutional impact of the exercise on the financial sector.
The House also urged the CBN to halt the retirement exercise and associated payoff scheme pending the outcome of the investigation.
Additionally, the Federal Ministry of Labour and Employment was tasked with safeguarding the rights of the affected staff in line with Nigerian labour laws.
The ad hoc committee is expected to report back to the House within four weeks with recommendations for further legislative actions.
