Dailyreport
Representatives look into 1,000 CBN employees’ scheduled retirement
The House of Representatives has launched an investigation into the planned retirement of 1,000 staff of the Central Bank of Nigeria (CBN).
During Tuesday’s plenary, Rep. Kama Nkemkama (LP-Ebonyi) adopted a motion of urgent public interest, which was followed by the resolution.
“Need to Investigate the Retirement of Over 1,000 Staff of the Central Bank of Nigeria (CBN) and the Associated N50 Billion Payoff Scheme” is the subtitle of the motion.
Remember how a national media outlet declared on December 2 that the CBN would be retiring more than 1,000 employees at different levels?
According to the media allegation, the CBN Governor oversaw a restructuring process that included the retirement of impacted employees as part of a N50 billion payout plan.
The abrupt mass retirement of more than 1,000 employees, including directors and senior management, raises serious concerns, Nkemkama said in her motion presentation.
He claims that these include the standards for selection, openness, and due process compliance in accordance with labour laws and public service principles.
According to him, a decision of this magnitude has socioeconomic ramifications for the impacted people, their dependents, and the overall economy.
He claimed that both public discontent and higher unemployment rates could result from this.
He voiced concern that the N50 billion payout plan may not have enough oversight and accountability procedures.
According to the congressman, this would increase the possibility of financial mismanagement and abuse in an area that is essential to Nigeria’s financial stability.
After passing the resolution, the House established a high-level ad hoc committee to look into the proposed mass retirement of more than 1,000 CBN employees.
According to the House, this was done to determine the exercise’s legality, procedure, and criteria.
The House stated that in order to guarantee accountability, openness, and appropriate use of funds, it would also review the N50 billion payout plan.
In order to assess the possible institutional and economic effects of mass retirement on Nigeria’s financial sector, the House also decided to consult with the CBN’s leadership.
In order to await the conclusion of its committee’s probe, the House urged the CBN to halt the retirement exercise and related payout plan.
The Federal Ministry of Labour and Employment was also urged by the House to guarantee that the impacted employees’ rights were upheld in compliance with Nigerian labour regulations.
For future legislative steps, the House asked the committee to report back to the House in four weeks.
