The House of Representatives has ordered the Central Bank of Nigeria (CBN) to suspend its plan to retire over 1,000 employees as it begins an investigation into the criteria, process, and legality of the move.
The motion, sponsored by Kama Nkemkama (LP, Ebonyi), raises concerns about the transparency of the N50 billion payoff scheme introduced as part of the CBN’s restructuring efforts under its Acting Governor. Lawmakers are also questioning the adherence to public service guidelines and labour laws in implementing the mass retirements.
Nkemkama warned of the socio-economic consequences of such a decision, including increased unemployment and financial strain on affected families. He urged the Federal Ministry of Labour and Employment to safeguard the rights of the retirees and ensure due process is followed.
An ad hoc committee will be set up to engage CBN leadership and assess the potential implications of the action on Nigeria’s financial sector. Until the investigation is concluded, the retirement exercise remains on hold.
