The Central Bank of Nigeria, or CBN, was ordered by the House of Representatives on Tuesday to halt the retirement of 1,000 employees and the related payout plan until the investigation was finished.
In order to assess the standards, procedure, and legality of the action, the House chose to look into the mass retirement of more than 1,000 CBN workers.
It also looks into the N50 billion payout plan to make sure there is accountability, openness, and proper use of the money.
To consult with CBN leadership and evaluate the possible institutional and economic impacts of retirements on Nigeria’s financial industry, an ad hoc committee would be formed.
Kama Nkemkama (LP, Ebonyi) sponsored the motion of urgent public significance, pleading with the Federal Ministry of Labor and Employment to defend the rights of the affected staff according to Nigerian labour laws.
Nkemkama brought up media claims during the debate that claimed the CBN would lay off more than 1,000 employees as part of its reorganization under the Acting Governor’s direction.
He mentioned that as part of its human resource reorganization plan, the CBN has allegedly announced a N50 billion compensation plan for the impacted employees, asserting that the procedure will guarantee equity and fairness.
Nkemkama questioned the selection procedures, transparency, and respect to due process in accordance with labor laws and public service principles in response to the abrupt mass retirement of more than 1,000 employees, including directors and senior management.
He underlined that such a significant choice has socioeconomic ramifications for the impacted individuals, their dependents, and the overall economy, possibly resulting in higher unemployment and public discontent.
The legislator also cautioned that there may be insufficient accountability and control in the rumored N50 billion payout plan, which might lead to waste and misuse of public monies in an area that is vital to Nigeria’s financial stability.