REPS TO INVESTIGATE CBN'S MASS RETIREMENT AND N50BN PAYOFF. (PHOTO).

 Reps to Investigate CBN's Mass Retirement and N50bn Payoff

On Tuesday, the House of Representatives decided to establish an ad-hoc committee to investigate the circumstances surrounding the mass retirement of 1,000 Central Bank of Nigeria (CBN) employees. The committee will also look into the N50bn payoff allocated for compensating the disengaged staff.

The decision was made following the adoption of a motion of urgent public importance, sponsored by Mr. Kama Nkemkama, the representative for Ohaozara/Oncha/Ivo Federal Constituency in Ebonyi State.

Coretvnews reported that the CBN is set to retire approximately 1,000 employees as part of a strategic workforce realignment.

During the debate 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 urged his colleagues to take the matter seriously and show appropriate concern.

He emphasized the need for the House to probe “CBN’s announcement of a N50bn payoff scheme to compensate the affected staff as part of its human resource restructuring strategy.”

Nkemkama expressed concern over the unexpected mass retirement of over 1,000 staff members, including directors and senior management. He pointed out that this raises important questions regarding the selection process, transparency, and adherence to public service guidelines and labor laws.

He also noted that the move could have significant socio-economic consequences, including increased unemployment and public dissatisfaction, impacting not only the affected individuals but also their families and the broader economy.

Additionally, Nkemkama, a member of the Labour Party, raised concerns about the potential lack of accountability and oversight in the N50bn payoff scheme, warning that it could lead to mismanagement and abuse of public funds in a critical sector of Nigeria's financial system.

After adopting the motion, the House, presided over by Speaker Tajudeen Abbas, resolved to form an ad-hoc committee to investigate the mass retirement of over 1,000 CBN staff, examining the criteria, process, and legality of the exercise.

The House also agreed to scrutinize the N50bn payoff scheme to ensure transparency, accountability, and proper fund utilization. Furthermore, it called on the CBN leadership to assess the potential economic and institutional impacts of the mass retirement on Nigeria’s financial sector.

The House also urged the apex bank to suspend any further implementation of the retirement process and the associated payoff scheme until the investigation is concluded.

Additionally, the House called on the Federal Ministry of Labour and Employment to ensure that the rights of the affected staff are protected under Nigerian labor laws.