Reps halt CBN’s planned mass retirement, launches investigation

The House of Representatives has stepped in to halt the Central Bank of Nigeria’s (CBN) planned mass retirement of over 1,000 staff members, following concerns about the legality and fairness of the exercise.

On Tuesday, the Green Chambers suspended the retirement process and launched an investigation into the proposed N50 billion payoff scheme.

The motion, sponsored by Kama Nkemkama (LP, Ebonyi), was adopted as a matter of urgent public importance. Lawmakers expressed worries over the transparency of the retirement criteria and the potential misuse of public funds in the payout process.

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The House has instructed the Federal Ministry of Labour and Employment to ensure that the rights of the affected staff are upheld according to Nigerian labour laws.

Additionally, an ad hoc committee will be formed to examine the potential effects of the mass retirement on the financial sector and ensure full compliance with the law.

The Federal Ministry of Labour and Employment has also been charged with safeguarding the rights of the affected employees, highlighting the significant socio-economic impact of such a large-scale retirement.

This intervention reflects the lawmakers’ commitment to ensuring fairness and transparency in public sector decisions.