By Samaila Emmanuel Bzugu
The House of Representatives has ordered the Central Bank of Nigeria (CBN) to suspend its planned retirement of over 1,000 staff members, pending the outcome of an investigation. This decision comes after Rep. Kama Nkemkama raised concerns about the criteria for selecting staff for retirement, the transparency of the process, and adherence to due process, as required by public service guidelines and labour laws.
The planned retirement is part of a restructuring process at the CBN, with a proposed N50 billion payoff for the affected employees
The planned retirement is part of a restructuring process at the CBN, with a proposed N50 billion payoff for the affected employees. However, lawmakers are worried about the socio-economic impact of this mass retirement, including potential increased unemployment and public dissatisfaction, as well as broader economic implications for the country.
To address these concerns, the House has approved the formation of an Adhoc Committee to investigate the mass retirement, evaluate the process and criteria used, and ensure the transparency and accountability of the N50 billion payoff scheme.
The formation of an Adhoc Committee to investigate the mass retirement
The committee will also examine the potential effects of the mass retirement on the financial sector and ensure that the rights of the affected staff are protected in accordance with Nigerian labour laws.
