The House of Representatives, in a bold move on the 3rd of December, 2024, has ordered the Central Bank of Nigeria (CBN) to halt its controversial plan to retire over 1,000 staff and disburse a staggering N50 billion payoff until a full investigation is conducted.
This decisive action comes as the House launches a probe into the mass retirement scheme, aiming to scrutinize its criteria, legality, and process.
The investigation also seeks to ensure that the N50 billion payoff scheme is managed with utmost transparency and accountability, safeguarding public funds.
An ad hoc committee is set to engage with the CBN’s leadership, evaluating the potential economic and institutional fallout of this mass exodus on Nigeria’s already fragile financial sector.
Driving this motion of urgent public importance is Kama Nkemkama (LP, Ebonyi), who passionately called on the Federal Ministry of Labour and Employment to defend the rights of the affected employees in line with Nigerian labour laws.
Citing alarming media reports, Nkemkama highlighted the sweeping retirements, allegedly orchestrated as part of a restructuring agenda under the Acting Governor. While the CBN claims the N50 billion payoff ensures fairness and equity, Nkemkama raised grave concerns over the sudden dismissals of senior management and directors, questioning the fairness, transparency, and adherence to due process.
He warned of the socio-economic ripple effects, including heightened unemployment, financial instability, and public outrage.
Furthermore, Nkemkama sounded the alarm over the N50 billion scheme, cautioning against potential mismanagement and lack of oversight in handling public resources crucial to Nigeria’s financial future.
With these concerns on the table, the House is poised to uncover the truth behind the CBN’s contentious human resource shake-up, determined to uphold accountability and protect the nation’s financial integrity.