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Reps To Probe CBN’s Planned Retirement Of 1,000 Staff, N50bn Payoff

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The House of Representatives has launched an inquiry into the Central Bank of Nigeria’s (CBN) decision to retire over 1,000 staff, including top executives, as part of an alleged restructuring process.

The probe will also examine the N50 billion payoff scheme tied to the move.

The resolution followed a motion of urgent public importance sponsored by Rep. Kama Nkemkama (LP-Ebonyi) during Tuesday’s plenary session.

READ MORE: Senator Sani Laments Massive Sacking At CBN

The motion, titled “Need to Investigate the Retirement of Over 1,000 Staff of the Central Bank of Nigeria (CBN) and the Associated N50 Billion Payoff Scheme,” was unanimously adopted by the lawmakers.

A national media report on December 2 claimed the CBN was planning the mass retirement under the directive of its Governor.

The report suggested the payoff scheme was part of the restructuring process to compensate affected staff.

Presenting the motion, Nkemkama raised critical concerns about the plan.

He said, “The sudden mass retirement of over 1,000 staff, including directors and senior management, raises critical questions, including the criteria for selection, transparency, and adherence to due process in line with public service guidelines and labour laws.”

He added that the decision could lead to increased unemployment and public dissatisfaction.

“Such a significant decision has socio-economic implications for the affected individuals, their dependants, and the broader economy,” he said.

The lawmaker also criticized the N50 billion payoff scheme, warning that it might lack proper oversight.

“The reported payoff scheme amounting to N50 billion might lack sufficient accountability and oversight mechanisms, posing risks of mismanagement and abuse of public funds in a sector vital to Nigeria’s financial stability,” he noted.

Following deliberations, the House set up an ad hoc committee to investigate the planned retirements.

The committee will evaluate the legality, selection criteria, and processes involved in the exercise. It will also examine the payoff scheme to ensure transparency and proper utilization of funds.

The lawmakers resolved to engage with the CBN leadership to assess the economic and institutional impact of the retirements on Nigeria’s financial sector.

They also urged the CBN to suspend the exercise and the payoff scheme until the committee concludes its investigation.

The House further called on the Federal Ministry of Labour and Employment to ensure that the rights of the affected staff are protected.

The committee has been given four weeks to present its findings for further legislative action.

 

NEWS

Gov Otu Suspends Village Head, Council Over Power Abuse Allegations

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Governor Bassey Otu has approved the suspension of Chief Okon Archibong, the Village Head of Esuk Utan, alongside his council members, over allegations of abuse of power.

The suspension, announced in a statement on Monday by Mr. Nsa Gil, Chief Press Secretary to the Governor, follows multiple petitions accusing the traditional ruler and his council of misusing their authority, which has reportedly caused growing discontent within the community.

READ ALSO: Abuja: Mother Arrested After Abandoning Newborn In Bush Path

“The government remains committed to upholding accountability and addressing grievances raised by citizens to ensure harmony and justice in traditional leadership,” the statement read.

To address the allegations, Governor Otu directed the Calabar Municipal Traditional Rulers Council to investigate the matter and submit a report with recommendations to the Special Adviser to the Governor on Chieftaincy Affairs within one week.

In the interim, the Obutong Clan Council has been instructed to set up a five-member committee to manage the affairs of Esuk Utan.

This committee will oversee administrative duties until the investigation is concluded.

“The Obutong Clan Council is mandated to set up a five-man committee to manage the affairs of Esuk Utan Village pending the outcome of the investigation,” the statement added.

Governor Otu has called on residents and business operators in Esuk Utan to continue their normal activities without interference.

He also emphasized that all dealings with the suspended village head and his council should cease immediately.

The state government reaffirmed its commitment to ensuring justice and resolving conflicts in traditional leadership structures for the benefit of the community.

 

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NEWS

Woman Accused Of Threatening Seyi Tinubu, IGP Gets ₦10m Bail

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A Federal High Court in Abuja has granted bail to Olamide Thomas, accused of issuing death threats against Seyi Tinubu, son of President Bola Tinubu, and the Inspector-General of Police, Kayode Egbetokun, via social media.

Justice Emeka Nwite, ruling on the bail application on Monday, admitted Thomas to bail in the sum of ₦10 million with one surety in like sum.

READ MORE: 170 Nigerians Repatriated From Libya With IOM Support

The judge stated that there was no substantial evidence presented by the prosecution to suggest the defendant would evade trial if granted bail.

“I have carefully examined the affidavit evidence of both the defendant and the complainant. Where the accused person will not jump bail or interfere with the trial, it is in the interest of justice for the court to grant the bail request,” Justice Nwite said.

As part of the bail conditions, the court required the surety to provide a three-year tax clearance certificate, reside within the court’s jurisdiction, and depose to an affidavit of means.

Additionally, both the defendant and the surety must submit two recent passport photographs to the court registrar, with the surety’s address subject to verification.

The judge adjourned the case for trial on February 18, 2025.

The ruling came after Justice Nwite had reserved judgment on December 31 following submissions by T.J. Aondo, counsel for the defendant, and Victor Okoye, representing the prosecution.

 

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International News

Growing Internal Dissent Moves Canada PM Towards Resignation

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Four dead, Dozens Injured As Canada Bus Rollover

Canadian Prime Minister, Justin Trudeau is expected to resign this week as internal dissatisfaction within his Liberal Party reaches a breaking point, according to a report by The Globe and Mail on Sunday.

Citing three anonymous sources with knowledge of party deliberations, the report stated that Trudeau’s resignation could be announced as early as Monday.

The timing would allow for his departure to be addressed at a national Liberal Party caucus meeting scheduled for Wednesday.

READ MORE: Tinubu Attends Mahama’s Inauguration

“The announcement would likely come before a national Liberal Party caucus on Wednesday,” The Globe and Mail reported, quoting party insiders.

It remains uncertain whether Trudeau would continue in an interim role while the Liberals search for new leadership.

Trudeau’s leadership has faced mounting criticism in recent months. His government barely survived a series of no-confidence votes, and his approval ratings have plummeted as he trails Conservative leader Pierre Poilievre by 20 points in opinion polls.

While Trudeau has vowed to lead the Liberals into the next federal election, slated for October 2025, his position has grown increasingly untenable.

The strain has been compounded by U.S. President-elect Donald Trump’s proposed 25% tariff on Canadian goods, a move that threatens to escalate into a full-blown trade war.

Deputy Prime Minister Chrystia Freeland resigned in December after reportedly clashing with Trudeau over how to handle Trump’s tariff plans, marking the first significant cabinet fracture.

Later that month, Trudeau reshuffled one-third of his cabinet in an attempt to regain control, but internal unrest persisted.

In November, Trudeau traveled to Florida to meet with Trump at his Mar-a-Lago estate, seeking to defuse trade tensions.

However, the meeting did little to alleviate the strain. Trump continued to target Trudeau publicly, mocking him on social media as the “governor” of Canada and suggesting that Canada should become the 51st U.S. state, calling it a “great idea.”

Trudeau rose to prominence in 2015, sweeping the Liberals to power with a charismatic image and progressive platform.

Over his three terms, he championed Senate reforms, legalized cannabis, introduced a carbon tax, and passed legislation permitting medically assisted suicide.

However, critics argue that Trudeau’s once-strong leadership has been overshadowed by his inability to navigate recent crises, including trade disputes and political dissent.

If Trudeau steps down, it would mark a dramatic shift in Canadian politics and leave the Liberals facing a critical leadership race in the run-up to the 2025 election.

 

 

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