The House of Representatives has called for the suspension of the Central Bank of Nigeria’s (CBN) planned retirement of 1,000 staff members.
The decision comes amid concerns raised about the potential socio-economic impact of the mass retirement on the affected individuals, their families, and the broader economy.
Lawmakers are questioning both the process and legality of the planned retirements, emphasizing the need for more transparency and accountability from the CBN. The motion, sponsored by Kama Nkemkama from Ebonyi State, highlighted issues related to the criteria for selection, adherence to public service guidelines, and compliance with labor laws.
The House raised critical questions regarding the transparency of the retirement process and whether proper procedures were followed. Nkemkama pointed out that the sudden nature of the planned retirements could have negative consequences, such as increased unemployment, dissatisfaction, and financial instability.
Lawmakers are concerned that such a large-scale decision, affecting directors and senior management, could result in widespread uncertainty if not managed carefully. In response to these concerns, the House resolved to set up an ad hoc committee tasked with investigating the process behind the retirement plan.
The committee will examine the entire process, including the criteria for selection and the decision-making procedures involved.
The House has given the committee a four-week deadline to complete its investigation and report back with its findings. In addition, the House requested that the Ministry of Labour and Employment take steps to protect the rights of the affected staff during this period of uncertainty.
The investigation aims to ensure that proper procedures were followed and that public funds are used appropriately in the retirement process.
