The House of Representatives, HAS TODAY, directed the Central Bank of Nigeria, CBN to suspend the retirement of 1,000 staff and the associated payoff scheme until an investigation is completed.

The House decided to investigate the mass retirement of over 1,000 CBN employees to evaluate the criteria, process and legality of the action.

Additionally, it seeks to examine the N50 billion payoff scheme to ensure transparency, accountability, and appropriate use of funds.

An ad hoc committee will be established to engage with CBN leadership to assess the potential economic and institutional effects of retirements on Nigeria’s financial sector.

The motion of urgent public importance was sponsored by Kama Nkemkama (LP, Ebonyi), who urged the Federal Ministry of Labour and Employment to protect the rights of the affected staff according to Nigerian labour laws.