By Bayero Ade
The House of Representatives has stepped in to block the Central Bank of Nigeria’s (CBN) planned mass retirement of over 1,000 staff, putting the exercise on hold and initiating an investigation into the N50 billion payoff linked to the scheme.
The decision followed a motion of urgent public importance sponsored by Kama Nkemkama (LP, Ebonyi), which was adopted by the House. The lawmakers directed the Federal Ministry of Labour and Employment to ensure the protection of the affected staff’s rights in line with Nigerian labour laws.
Concerns were raised about the transparency and legality of the retirement process, with lawmakers questioning the use of public funds in the proposed payout.
An ad hoc committee will be established to investigate the potential impact on the financial sector and ensure compliance with labour regulations. The Federal Ministry of Labour and Employment has also been tasked with protecting the rights of the affected workers, considering the broader socio-economic effects of the plan.
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