The Central Bank of Nigeria’s (CBN) plan to offer a N50 billion severance package to retiring staff is now under investigation.
The House of Representatives has raised significant concerns about the lack of transparency and proper oversight in the payout process, especially considering the large sum involved.
Lawmakers fear that the severance package, which is set to be distributed to 1,000 retiring staff, may result in mismanagement and potential abuse of public funds. Given the critical role that the CBN plays in Nigeria’s financial stability, the House believes it is essential to ensure that public resources are properly managed.
The House resolution to investigate the matter came after a motion sponsored by Kama Nkemkama from Ebonyi State. Nkemkama emphasized that the planned retirement of staff, including high-ranking officials, could lead to significant socio-economic consequences, such as rising unemployment and dissatisfaction among the public.
Lawmakers pointed out that such a large-scale decision should undergo thorough scrutiny to ensure that the process adheres to legal and regulatory standards. They also expressed concerns about the criteria used for selecting those to be retired and whether due process was followed.
The House is determined to ensure that the retirement plan is not only legally sound but also fair and transparent. As part of the investigation, the House has tasked an ad hoc committee with reviewing the CBN’s decision-making process and evaluating the allocation of the N50 billion severance package.
The committee will also assess whether adequate accountability measures are in place to prevent misuse of public funds. The investigation will take place over a four-week period, with the committee required to present its findings by the end of the investigation.
Additionally, the House has urged the Ministry of Labour and Employment to intervene in protecting the rights of the affected staff members. The investigation aims to maintain public confidence in the CBN and ensure that the retirement plan, if executed, is done in a manner that is both legally compliant and economically responsible.
