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1,000 CBN Staff Sack: Reps Demand Answers On N50bn Payout

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12 hours ago

Dec 4, 2024.

The House of Representatives has resolved to investigate the retirement of over 1,000 staff of the Central Bank of Nigeria (CBN) and the associated N50 billion payoff scheme.

The decision was reached during Tuesday’s plenary session following a motion of urgent national importance moved by Kama Nkemkama, representing the Ohaozara/Onicha/Ivo Federal Constituency of Ebonyi State.

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EKO HOT BLOG reports that the House agreed to set up an ad-hoc committee to examine the legality of the exercise, scrutinize the N50 billion payoff scheme, and ensure accountability and transparency in the process.

Lawmakers further urged the CBN to suspend the retirement exercise and the payoff scheme until the investigation is concluded.

Nkemkama, while presenting the motion, highlighted media reports indicating that the CBN, under its restructuring process, plans to retire staff across various levels, including directors and senior management.

CBN Staff Sack

The process includes a N50 billion payoff package to compensate affected employees, which the CBN claims would promote fairness and equity.

However, the lawmaker expressed concerns about the mass retirement, questioning the criteria for selection, transparency, and adherence to public service guidelines and labor laws.

He warned that such a move could have significant socio-economic consequences, including increased unemployment and public dissatisfaction.

“The sudden retirement of over 1,000 staff raises critical questions about due process, fairness, and the potential misuse of public funds in a sector crucial to Nigeria’s financial stability,” Nkemkama stated.

The House also called on the Federal Ministry of Labour and Employment to ensure the rights of affected staff are protected in line with labor laws.

Additionally, it plans to engage the CBN leadership to evaluate the potential economic and institutional impacts of the decision on the country’s financial sector.

Lawmakers have mandated the committee to report back within four weeks for further legislative action.