In a move to ensure accountability and transparency, the House of Representatives on Tuesday resolved to establish an ad-hoc committee tasked with investigating the recent mass retirement of over 1,000 staff members of the Central Bank of Nigeria (CBN). The committee will also look into the N50bn payoff earmarked for compensating the disengaged employees.
The resolution followed the adoption of a motion of urgent public importance, sponsored by Kama Nkemkama, the representative for Ohaozara/Onicha/Ivo Federal Constituency in Ebonyi State. Nkemkama emphasized the need for a thorough inquiry into the circumstances surrounding the retirements, which he described as sudden and affecting both directors and senior management.
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,” raised serious concerns about the criteria for the staff selection, the transparency of the process, and the adherence to due process in line with public service guidelines and labor laws.
In his speech, Nkemkama pointed out that the mass retirements could have significant socio-economic consequences, not only for the affected individuals and their families but also for the wider Nigerian economy. He warned that such a large-scale disengagement could lead to higher unemployment rates and greater public dissatisfaction.
The motion also cast doubt on the sufficiency of oversight for the N50bn payoff scheme. Nkemkama highlighted the potential for mismanagement and abuse of public funds, given the high stakes involved in such a scheme within an institution as vital as the CBN.
Following the motion’s adoption, the House, presided over by Speaker Tajudeen Abbas, resolved to form an ad-hoc committee. The committee’s primary objectives are to scrutinize the criteria, process, and legality of the retirements and ensure that the N50bn payoff scheme is administered with full transparency and accountability.
The House further called on the leadership of the CBN to cooperate fully with the investigation and assess the potential impact the retirements could have on Nigeria’s financial sector. It also urged the CBN to suspend any further retirements and associated payouts until the committee concludes its investigation.
Additionally, the Federal Ministry of Labour and Employment was urged to step in and ensure that the rights of the affected staff are fully protected under Nigerian labor laws, safeguarding the welfare of those impacted by the decision.
