The House of Representatives has resolved to investigate the Central Bank of Nigeria’s (CBN) plan to retire over 1,000 staff members, as well as the associated N50 billion payoff schemes.

This decision was made on Tuesday, following the adoption of a motion of urgent national importance moved by Hon. Kama Nkemkama.

The House has constituted a high-level ad hoc committee to examine the legality of the exercise, ensure transparency and accountability in the payoff scheme, and evaluate the potential economic and institutional impact of the mass retirement on Nigeria’s financial sector.

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The lawmakers have also urged the CBN to suspend further implementation of the retirement exercise and payoff scheme pending the outcome of the investigation.

Additionally, the Federal Ministry of Labour and Employment has been called upon to ensure that the rights of the affected staff are protected in accordance with Nigerian labour laws.

The motion was moved by Hon. Nkemkama, who expressed concerns about the sudden mass retirement and the potential socio-economic implications for the affected individuals, their dependants, and the broader economy.

He also questioned the criteria for selection, transparency, and adherence to due process in line with public service guidelines and labour laws.
The House has requested the committee to report back within four weeks for further legislative action.