Reps Swing into Action as CBN Plans to Retire over 1000 Staff with N50bn Payoff
- Reps investigate CBN’s plan to retire 1,000+ staff with a N50bn payoff, raising concerns over transparency and socio-economic impact
- An ad-hoc committee will assess the legality, fairness, and economic impact of the retirements and scrutinize the N50bn payoff for accountability
- The House halted the exercise, urging the Labour Ministry to safeguard affected employees' rights during the investigation
The House of Representatives has initiated an investigation into the Central Bank of Nigeria's (CBN) plan to retire over 1,000 staff members, including directors and senior management, with a proposed N50 billion payoff.
The decision followed a motion of urgent public importance presented on Tuesday by Honourable Kama Nkemkama, representing Ohaozara/Onicha/Ivo Federal Constituency in Ebonyi State.
Source: Twitter
The motion, titled "Need to investigate the retirement of over 1,000 staff of the Central Bank of Nigeria and the associated N50bn payoff scheme," raised concerns over the transparency and legality of the exercise.
“The House is concerned about the sudden mass retirement of over 1,000 staff, including directors and senior management,” Nkemkama stated.
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He argued that the development raises questions about the criteria used, adherence to public service guidelines, and the socio-economic impact on affected individuals.
Nkemkama stressed the need for oversight of the N50 billion payoff scheme, stating,
“The payoff scheme may lack sufficient accountability and oversight mechanisms, posing risks of mismanagement and abuse of public funds in a sector vital to Nigeria’s financial stability.”
The lawmaker also urged the House to ensure that the exercise complies with labour laws and public service guidelines to avoid undermining the welfare of the disengaged staff, The Punch reported.
Resolutions of House on CBN retirement
Speaker Tajudeen Abbas directed the establishment of an ad-hoc committee to investigate the matter, with three key objectives:
1. To ascertain the criteria, legality, and transparency of the process.
2. Ensure proper utilisation, accountability, and transparency in disbursement.
3. Assess the potential economic and institutional impacts of the retirements on Nigeria’s financial stability.
The House of Representatives also urged the Federal Ministry of Labour and Employment to safeguard the rights of affected employees under labour laws, Vanguard reported.
Reps suspend retirement of CBN staff
In a bid to prevent further fallout, the House resolved to suspend the retirement exercise and payoff scheme until the investigation is concluded.
“This is a critical step to protect the integrity of the financial sector and ensure justice for the affected staff,” Nkemkama concluded.
Reps suspends Tinubu's tax reform bill debate
In another development, Legit.ng reported that the House of Representatives has postponed indefinitely the debate on President Bola Tinubu's tax reform bills, originally scheduled for Tuesday, December 3, 2024.
The move followed intense pressure from northern governors and a significant number of lawmakers, raising questions about the bills' support and future in the legislature.
Proofread by Kola Muhammed, journalist and copyeditor at Legit.ng
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Source: Legit.ng
