Until the investigation is completed, the CBN has been directed to put the mass retirement plan on hold.
Abuja, Nigeria – The House of Representatives has directed the Central Bank of Nigeria (CBN) to suspend its planned retirement of over 1,000 employees, pending the conclusion of an investigation into the process.
This decision followed a motion raised by Rep. Kama Nkemkama during Tuesday’s plenary session. Nkemkama referenced a report by REPORT AFRIQUE published on December 2, 2024, which disclosed that the CBN intends to retire over 1,000 staff members as part of a restructuring initiative, alongside a proposed N50 billion payoff for the affected individuals.
The motion expressed concerns regarding the transparency of the retirement process, the criteria for selecting staff for disengagement, and compliance with public service guidelines and labor laws. The lawmaker also raised alarm about the potential socio-economic consequences of the mass retirement, including increased unemployment, public dissatisfaction, and wider economic challenges.
In response to the motion, the House resolved to set up an Adhoc Committee to investigate the planned retirement. The committee will examine the criteria and processes used for selecting affected staff and evaluate the transparency and accountability of the N50 billion payoff scheme.
The House emphasized the importance of fairness and due process in the restructuring, warning that any mismanagement could exacerbate existing economic pressures on the country.
Until the investigation is completed, the CBN has been directed to put the mass retirement plan on hold.
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