The House of Representatives has launched an investigation into the Central Bank of Nigeria’s (CBN) plan to retire over 1,000 staff members, with a payoff scheme of N50 billion.
This decision was made after Rep. Kama Nkemkama presented a motion of urgent public importance, highlighting concerns about the criteria for selection, transparency, and adherence to due process.
The CBN’s plan to retire staff across various levels is part of a restructuring process under the CBN Governor’s leadership. However, the sudden mass retirement raises critical questions about the impact on the affected individuals, their dependents, and the broader economy.
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The House has constituted an ad hoc committee to investigate the planned retirement and payoff scheme.
The committee will examine the criteria, process, and legality of the exercise, as well as ensure transparency, accountability, and proper utilization of funds.
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The House has also resolved to engage the CBN leadership to evaluate the potential economic and institutional impact of the mass retirement on Nigeria’s financial sector.
Additionally, the House has urged the CBN to suspend further implementation of the retirement exercise and associated payoff scheme pending the outcome of the committee’s investigation.