Reps Halt CBN’s Mass Retirement of 1,000 Staff Amid N50 Billion Payoff ProbeThe House of Representatives has directed the Central Bank of Nigeria (CBN) to suspend the planned retirement of 1,000 employees, along with a proposed N50 billion payoff scheme, pending the outcome of an investigation.
The House aims to probe the criteria, process, and legality surrounding the mass retirement, including the transparency and accountability of the N50 billion payout. An ad hoc committee will be formed to engage with CBN leadership and evaluate the economic and institutional impact on Nigeria’s financial sector.
The motion was initiated by Kama Nkemkama (LP, Ebonyi), who called on the Federal Ministry of Labour and Employment to ensure the rights of affected staff are protected under Nigerian labour laws.
During discussions, Nkemkama highlighted concerns over the fairness of the selection criteria and the transparency of the restructuring process under the CBN’s Acting Governor. He warned of potential socio-economic consequences, including unemployment and public dissatisfaction, while emphasizing risks of mismanagement of public funds in the payoff scheme.
The lawmakers stressed the importance of accountability in decisions affecting Nigeria’s financial stability.
