Reps launch investigation into planned retirement of 1,000 CBN staff
The House of Representatives on Tuesday directed the Central Bank of Nigeria (CBN) to suspend the planned retirement of 1,000 staff members and the proposed N50 billion payoff for the affected employees.
The house also launched an investigation to the effect, following a motion by Rep. Kama Nkemkama during the Plenary.
It would be recalled a Daily Trust report has it that the apex bank is planning to offload 1,000 employees as part of a strategic workforce realignment with a severance package worth over N50 billion allocated as the payoff for the exercise.
According to an insider, the retirement initiative is driven by the need to streamline operations and reduce staff numbers under the leadership of the apex bank’s Governor, Olayemi Cardoso.
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Nkemkama, while raising the motion, cited a report from Daily Trust published on December 2, 2024, which revealed that the CBN plans to retire more than 1,000 staff as part of a restructuring process, raising concerns over the criteria for selecting the staff to be retired, the transparency of the process, and adherence to due process, as required by public service guidelines and labour laws.
The lawmaker highlighted the socio-economic impact this mass retirement could have, including potential increased unemployment and public dissatisfaction, as well as the broader economic implications for the country.
In response, the House approved the formation of an Adhoc Committee tasked with investigating mass retirement, evaluating the process and criteria used, and ensuring the transparency and accountability of the N50 billion payoff scheme.
Source: Daily Trust
