House Of Reps Stops CBN From The Proposed Compulsory Retirement Of 1000 Staff Pending Investigation

The House of Representatives has directed the Central Bank of Nigeria (CBN) to stop the implementation of the retirement of 1000 staff and the associated payoff scheme until the conclusion of an investigation.

It was learnt that the lawmakers resolved to probe the mass retirement of over 1000 CBN staff to comprehend the legal basis for the mass retirement. 

The legislature would equally scrutinise the N50billion payoff scheme to ensure transparency, accountability, and proper use of funds. 

The House of Reps also formed an ad hoc committee to engage with CBN leadership to evaluate the potential economic and institutional impacts of the retirement on Nigeria’s financial sector. 

Adopting a motion of urgent public importance sponsored by Kama Nkemkama (LP, Ebonyi), the House asked the Federal Ministry of Labour and Employment to ensure that the rights of the affected staff are protected in accordance with Nigerian labour laws. 

Leading the debate on the motion, Nkemkama drew attention to media reports indicating that the Central Bank of Nigeria (CBN) plans to retire over 1000 staff across various levels as part of its restructuring process under the Acting Governor’s leadership.

Reports had suggested that the apex bank is preparing to retire about 1000 of its employees before the end of the year.

Reliable sources at the apex bank’s headquarters revealed that the retirement would gulp over N50billion in payoff to the affected workers.

In what it described as a strategic realignment of its workforce, the CBN’s Board of Governors, led by Olayemi Cardoso, had expressed commitment to reducing the workforce.

Meanwhile, in the last 10 months, the CBN had disengaged many of its staffers, including 17 directors, who served under the immediate past governor, Godwin Emefiele.

Those 17 directors are yet to be replaced.