Reps Challenge CBN’s Sh**cking Retirement Plan For 1,000 Staff, Demand Urgent Probe Into ₦50 Billion Severance

The House of Representatives has called for the suspension of the Central Bank of Nigeria’s (CBN) planned retirement of 1,000 staff, including directors and senior management, pending an investigation into the legality and transparency of the process. The lawmakers have formed an ad hoc committee tasked....READ MORE…

with scrutinizing the planned retirements and the associated severance package, reported to exceed ₦50 billion.

During a plenary session on Tuesday, the House resolved to investigate the decision, emphasizing the need for accountability and proper use of public funds. The committee has been given a four-week deadline to report its findings.

This move follows a motion raised by Kama Nkemkama, a representative from Ebonyi State, who questioned the suddenness of the retirements and the lack of clarity surrounding the criteria for selection. Nkemkama raised concerns over the potential socio-economic impact on affected employees, their families, and the broader economy, highlighting the risk of increased unemployment and public discontent.

In addition, Nkemkama expressed doubts about the integrity of the severance package, warning that the large payout may lack sufficient oversight, risking mismanagement of public funds. Speaker Tajudeen Abbas put the motion to a voice vote, which was unanimously adopted.

The House also urged the Ministry of Labour and Employment to safeguard the rights of the affected workers.

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