By Abiodun Jimoh
The House of Representatives has directed the Central Bank of Nigeria (CBN) to suspend the planned retirement of over 1,000 employees and its associated N50 billion payoff scheme pending an investigation.
During Tuesday’s plenary, lawmakers resolved to probe the criteria, legality, and transparency of the retirement process. An ad hoc committee will engage with CBN leadership to evaluate the potential economic and institutional impacts of the move on Nigeria’s financial sector.
The motion, sponsored by Kama Nkemkama (LP, Ebonyi), also called on the Federal Ministry of Labour and Employment to safeguard the rights of affected workers under Nigerian labour laws.
Concerns were raised about the fairness and adherence to due process in the mass retirements, as well as the risk of mismanaging the N50 billion payoff scheme. Lawmakers stressed the socio-economic consequences, including potential unemployment and public dissatisfaction, of such sweeping actions without proper oversight.
