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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.

 

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Task Force Operatives Storm Kidnappers’ Hideouts In Edo Central

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As part of efforts to curb kidnapping in Edo State, the State Government, security operatives stormed a major hideout used by kidnapper in Esan North-East Local Government Area, Edo Central Senatorial District.

The action was led by the Task Force against Kidnapping, according to a government house statement in Benin City transpired on Friday.

It was gathered that the Task Force during the operation cleared abandoned structures and thick bushes along the Uzea-Itakpe railway corridor in used by kidnappers.

It added that the exercise was aimed at eliminating criminal hideouts, with a view to improving visibility for enhanced security surveillance.

ALSO READ: Woman Jumps Into Lagos Lagoon, Recovered Dead

The Special Adviser to the Governor on Security, Akhere Paul described the area as a notorious transit point for kidnappers operating along the railway axis, Esan forests, and parts of Etsako West.

He explained that criminals used the abandoned structures as temporary holding camps for their victims before relocating them.

“If they kidnap people here, they bring them to this hideout, rest, and then move them to other locations, including Itakpe in Kogi State and Ama Community in Etsako West. This area has been a hotspot for kidnappings, affecting both the wealthy and poor, including farmers who use this route. As a government, we will not rest until kidnapping is eradicated in Edo State,” he stated.

The Commander of the Task Force, SP Michael Anetor, emphasized that intelligence reports and recent arrests informed the demolition exercise.

“The DPO covering this area and the local government authorities have investigated, and our findings confirm that this location is a strategic point for kidnappers. They ambush victims, and if moving them immediately is not feasible, they hold them here before proceeding. These abandoned houses and dense trees serve as their operational base,” Anetor explained.

He further assured residents that security agencies would sustain their crackdown on criminal elements to restore safety in the area.

Citing some residents who preferred to remain anonymous, the statement added that the abandoned structures and overgrown vegetation had long served as hideouts for criminals, allowing them to monitor potential victims before launching attacks.

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Woman Jumps Into Lagos Lagoon, Recovered Dead

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Tragedy struck on Thursday as an unidentified woman plunged into the Lagos Lagoon from the Third Mainland Bridge near the University of Lagos (UNILAG) waterfront.

Despite prompt efforts by marine police officers stationed nearby, she was recovered lifeless.

Eyewitnesses said the incident occurred around 4 p.m., prompting an immediate response from the marine police unit.

READ ALSO: Dismissed Edo Policewoman Threatens Suicide With Children

However, despite their swift intervention, the woman was confirmed dead by UNILAG medical personnel upon arrival.

Confirming the incident, Lagos State Police Command spokesman Benjamin Hundeyin provided details of the recovery operation.

Today, March 13, 2025, at about 1600 hours, an unidentified woman reportedly jumped from the Third Mainland Bridge into the water near the UNILAG waterfront at approximately 1500 hours.

“She was recovered at the University of Lagos shore slipway by a team of marine police officers stationed in the area. Despite their efforts, she was confirmed dead by a team of UNILAG medical doctors in the presence of officers from the Sabo Police Division.”

He further disclosed that the body had been moved to the Infectious Disease Hospital (IDH) Mortuary in Yaba for preservation.

Although the motive behind the incident remains unclear, some witnesses suspected suicide. The authorities have yet to establish any conclusive reasons for the tragic act.

 

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Economic Reforms Aim To Protect Nigeria’s Future – Tinubu

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Nigeria’s President, Bola Ahmed Tinubu has articulated the rationale behind his administration’s economic reforms, saying the primary motive was protecting the interests of future generations.

This view was shared in a statehouse statement on Thursday, in Abuja by the Special Adviser to the President, (Information & Strategy), Bayo Onanuga.

He declared thus, “For 50 years, Nigeria was spending money of generations yet unborn and servicing the West coast of our subregion with fuel. It was getting difficult to plan for our children’s future.”

ALSO READ: ADF Flags Off N16Bn 2025 National Food Intervention Programme

President Tinubu was receiving a delegation of former National Assembly colleagues from the aborted Third Republic, during which he served as a Senator representing Lagos West, when he bared his mind.

He highlighted the challenges faced at the beginning of his administration, especially economic and social issues, and expressed his gratitude for the delegation’s support in addressing these difficulties:

“We faced serious headwinds when I took over, very challenging times. Nigeria would have been bankrupt if we had not taken the actions that we took, and we had to prevent the economy’s collapse,” he added.

President Tinubu made it clear that the administration had been able to stem the tide and expressed appreciation to Nigerians for their collective support in turning things around.

“Today, we are sitting pretty on a good foundation. We have reversed the problem; the Exchange rate is stabilising. Food prices are coming down, especially during Ramadan. We will have light at the end of the tunnel.”

He said firm adherence to democratic tenets is the best route to economic, social, and political development.

“I am happy that you are holding to your belief in democracy. I thank you for keeping faith and remembering how we started. Some people missed the ball.

“Some leadership failed, but we kept the faith with our democratic beliefs and freedom and the right to aspire to the highest office in the land. I am benefitting from it.”

Senator Emmanuel Chiedoziem Nwaka, who spoke on behalf of the group, expressed his delight at some of the programmes that the Tinubu administration had implemented, especially the Nigerian Education Loan Fund (NELFUND) and the Nigerian Consumer Credit Corporation (CREDICORP) and at what the two organisations were offering Nigerians.

“I appreciate you for what you are giving to students because the student population is the largest demographic in the country. I’ve spoken with many of them, and many have benefited from it.

“And the next one is the CREDICORP. That’s a major way of fighting corruption. You see a young man, you come out of school, you want to buy a car, you have to put down cash, you want to buy a house, and you are not married, but with the CREDICORP, you can get things done. I’m following their activities; we are delighted,” he said.

Other members of the delegation were Sen. Bako Aufara Musa, Hon. Terwase Orbunde, Hon. Wasiu Logun, Hon. Amina Aliyu, High Chief Obi Anoliefo and Hon. Eze Nwauwa.

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