Inside the Call to Action: Reps Request CBN to Pause Staff Retirement
The House of Representatives has urged the Central Bank of Nigeria (CBN) to suspend its plan to retire approximately 1,000 staff members as part of its restructuring efforts.
Lawmakers raised concerns over the lack of transparency and fairness in the process, emphasizing the potential negative impact on morale and the loss of skilled professionals to other countries.
The House has tasked its committees on Banking Regulations and Federal Character to investigate the reforms that prompted the retrenchments and report back within four weeks.
The CBN, under Governor Olayemi Cardoso, has justified the proposed retirements as necessary for operational efficiency and cost reduction.
However, stakeholders, including labor unions and affected employees, have criticized the move, describing it as detrimental to the institution and the civil service at large.