The House of Representatives has launched an investigation into the mass retirement of 1,000 staff members by the Central Bank of Nigeria and the N50 billion earmarked for their severance packages.
This decision was reached on Tuesday following a motion of urgent public importance sponsored by Mr. Kama Nkemkama, who represents Ohaozara/Onicha/Ivo Federal Constituency in Ebonyi State.
Speaking on the motion titled “Need to Investigate the Retirement of Over 1,000 Staff of the Central Bank of Nigeria and the Associated N50bn Payoff Scheme,” Nkemkama expressed concerns over the sudden mass retirement, which includes directors and senior management staff.
He said, “This raises critical questions about the criteria for selection, transparency, and adherence to due process in line with public service guidelines and labour laws.”
Nkemkama also highlighted the socio-economic impact of the disengagement, noting, “The mass retirement could lead to increased unemployment, public dissatisfaction, and broader economic implications for affected individuals and their dependants.”
The House is equally concerned about the N50 billion payoff scheme. “The payoff scheme may lack sufficient accountability and oversight mechanisms, posing risks of mismanagement and abuse of public funds in a sector vital to Nigeria’s financial stability,” Nkemkama added.
In response, Speaker Tajudeen Abbas announced the formation of an ad-hoc committee to investigate the retirement process, its legality, and the transparency of the payoff scheme.
The House resolved to investigate the criteria and process behind the mass retirement, examine the N50 billion payoff scheme to ensure accountability and proper use of funds, and engage CBN leadership to assess the potential economic and institutional impacts of the retirements.
Additionally, the lawmakers urged the CBN to suspend the retirement exercise and payoff implementation until the investigation is completed.
The House also called on the Federal Ministry of Labour and Employment to protect the rights of affected staff under Nigerian labour laws.
The CBN had earlier stated that the mass retirements were part of its strategic workforce realignment, but the decision has stirred debates over its implications for financial stability and transparency in the country.
