The House of Representatives has directed the Central Bank of Nigeria (CBN) to halt the planned retirement of over 1,000 employees and the associated N50 billion payoff scheme until a thorough investigation is conducted.
Remember METROBLOG reported that the CBN has announced retirement of 1,000 staff and spend over N50 billion Naira on pay off, This decision follows concerns over the criteria, process, and legality of the mass retirements under the CBN’s restructuring efforts. The House aims to ensure transparency and accountability in the proposed payoff scheme and to evaluate the potential economic and institutional effects of the retirements on Nigeria’s financial sector.
An ad hoc committee will be set up to engage with CBN leadership and oversee the investigation. The motion, sponsored by Kama Nkemkama (LP, Ebonyi), also called on the Federal Ministry of Labour and Employment to safeguard the rights of the affected staff in line with Nigerian labour laws.
During the session, Nkemkama highlighted reports suggesting the CBN’s intention to retire over 1,000 employees, including directors and senior management, under the leadership of the Acting Governor. He noted that the proposed N50 billion payoff scheme, though aimed at ensuring fairness and equity, raises concerns about transparency and oversight.
The lawmaker questioned the selection criteria and adherence to public service guidelines and labour laws, warning that the abrupt nature of the retirements could have far-reaching socio-economic implications.
He pointed out the potential for increased unemployment and public discontent, as well as the risks of mismanagement and misuse of public funds within a sector critical to Nigeria’s financial stability.
The House emphasized the importance of accountability in the management of the payoff scheme and stressed the need to protect the interests of both the affected employees and the Nigerian economy.
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