Reps Move To Probe CBN’s Planned Retirement Of 1000 Workers, N50bn Pay off

Nigeria’s House of Representatives has decided to probe planned retirement of not less than 1000 staff members by the Central Bank of Nigeria (CBN) before the end of the year.

The Green chamber of the National Assembly also resolved to investigate the process to be adopted by the CBN in disbursing N50 billion to the affected employees as compensation package.

The House has also directed the CBN to suspend implementation of the retirement exercise and payoff scheme until the House concludes the investigations.

This was a resolution of the House following a motion of urgent public importance moved during plenary on Tuesday by Kama Nkemkama, a member representing Ohaozara/Onicha/Ivo Federal Constituency of Ebonyi State.

The basis for Mr. Nkemkama’s motion was a national daily report which claimed that the apex bank had provided its employees with the opportunity to resign voluntarily.

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The CBN’s Board of Governors, led by Olayemi Cardoso was said to have taken the decision as part of its quest to reduce and restructure the workforce.

While moving the motion, the Mr. Nkemkama highlighted the socio-economic implications of such action by the CBN on the affected individuals, their dependants, and the broader economy. He added that it also has potential impact on unemployment numbers.

Concerning the proposed N50 billion payout to the employees to be laid-off, the legislator said there were insufficient oversight and accountability mechanism posing the risk of “mismanagement and abuse of public funds in a sector vital to Nigeria’s financial stability.”

The House, which set up an ad hoc committee to investigate the planned retrenchment exercise mandated, the committee to report back within four weeks for further legislative action.