Reps to probe CBN mass retirement, N50bn pay off

Reps to probe CBN mass retirement, N50bn pay off

The House of Representatives has taken a significant step by resolving to investigate the mass retirement of 1,000 staff members from the Central Bank of Nigeria (CBN). This move comes after the CBN announced plans to retire approximately 1,000 employees as part of its strategic workforce realignment, with a N50 billion payoff scheme to compensate the affected staff ¹.

The House's decision to set up an ad-hoc committee to investigate the circumstances surrounding the mass retirement is a welcome move. The committee will examine the criteria, process, and legality of the exercise, as well as the N50 billion payoff scheme to ensure transparency, accountability, and proper utilization of funds.

The mass retirement has raised critical questions about the criteria for selection, transparency, and adherence to due process in line with public service guidelines and labor laws. The disengagement of staff members is also expected to have socio-economic implications for the affected individuals, their dependants, and the broader economy, potentially leading to increased unemployment and public dissatisfaction ¹.

The House has also resolved to engage the leadership of the CBN to evaluate the potential economic and institutional impact of the mass retirement on Nigeria's financial sector. Furthermore, the legislative has urged the apex bank to suspend further implementation of the retirement exercise and associated payoff scheme pending the outcome of the House investigation.

This development is a significant step towards ensuring transparency and accountability in the CBN's decision-making process. It's essential to get to the bottom of this matter and ensure that the rights of the affected staff members are protected.