The House of Representatives has initiated an investigation into the planned retirement of over 1,000 employees by the Central Bank of Nigeria (CBN) and the proposed N50 billion severance package.
During Tuesday’s plenary, Rep. Kama Nkemkama moved a motion citing a December 2, 2024, Daily Trust report about the mass retirement as part of a restructuring effort. He raised concerns about the criteria, transparency, and compliance with public service regulations, emphasizing the potential socio-economic fallout, including heightened unemployment and public unrest.
Following the motion, the House directed the CBN to suspend the retirement plans pending the investigation.
It also set up an Adhoc Committee to probe the process, assess the payout scheme, and ensure accountability in the restructuring process.
