Reps probe planned mass retrenchment of 1,000 CBN staff

The lawmakers said the planned retrenchment would have socio-economic implications for the affected individuals, their dependants, and the broader economy.

The House of Representatives has resolved to investigate the planned mass retirement of over 1,000 staff of the Central Bank of Nigeria.

The House also resolved to probe the planned N50 billion compensation payoff for staff willing to take the retirement option.

Consequently, it has asked the bank to suspend the process.

This resolution followed a motion of urgent public importance moved by Kama Nkemkama (LP, Ebonyi) on Tuesday during plenary.

Mr Nkemkama’s motion was based on a report in a national daily, which claimed that the CBN had offered its staff the option of voluntary retirement.

While moving the motion, Mr Nkemkama narrated the contents of the report, stating that “1,000 staff across various levels [were] affected as part of its restructuring process under the CBN Governor’s leadership.”

He noted that “such a significant decision has socio-economic implications for the affected individuals, their dependants, and the broader economy, potentially leading to increased unemployment and public dissatisfaction.”

The lawmaker also raised concerns about the planned payment of N50 billion to the laid-off staff, stating that it lacked sufficient and oversight mechanisms.

“The reported payoff scheme, amounting to N50 billion, 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,” he said.

The House then resolved to constitute a high-level ad hoc committee to investigate the matter and probe the legality of the planned action.

The yet-to-be-constituted committee is tasked with examining the N50 billion payoff scheme to ensure transparency, accountability, and proper utilisation of funds.

It will also engage with the leadership of the CBN to evaluate the potential economic and institutional impact of the mass retirement on Nigeria’s financial sector.

The motion was carried without opposition when it was put to a vote by Speaker Abbas Tajudeen.