The House of Representatives has resolved to investigate the mass retirement of 1,000 staff members from the Central Bank of Nigeria (CBN) and the associated N50 billion payoff scheme. This decision was made after the adoption of a motion sponsored by Kama Nkemkama, a member representing Ohaozara/Oncha/Ivo Federal Constituency, Ebonyi State.
The motion, titled “Need to Investigate the Retirement of Over 1,000 Staff of the Central Bank of Nigeria and the Associated N50 Billion Payoff Scheme,” raised concerns about the sudden mass retirement and the lack of transparency in the payoff scheme. Nkemkama emphasized that the House needs to probe the CBN’s announcement of the payoff scheme, which may lack sufficient accountability and oversight mechanisms.
The House has set up an ad-hoc committee to investigate the mass retirement and payoff scheme. The committee will examine the criteria, process, and legality of the exercise, as well as ensure transparency, accountability, and proper utilization of funds. The House has also urged the CBN to suspend further implementation of the retirement exercise and associated payoff scheme pending the outcome of the investigation.
