Nigerian Banks Agree To Suspend Sacking of Staff

The Bankers Committee of the Central Bank of Nigeria has agreed to suspend plans to sack some of its staff.

This was made known on Sunday in a statement signed by the CBN director of Cooperate Communications, Isaac Okoroafor.

Recall that the Access Bank CEO, Herbert Wigwe announced plans to lay off a large percentage of its staff due to current harsh economic conditions due to the Coronavirus Pandemic.

The statement read, “A special meeting of the Bankers’ Committee was convened on May 2, 2020, to further review the implications of the COVID-19 pandemic on the Nigerian banking industry. The Committee particularly deliberated on the issue of the operating costs of banks in view of the disruptions emanating from the global economic difficulties and decided as follows:

“In order to help minimize and mitigate the negative impact of the COVID19 pandemic on families and livelihoods, no bank in Nigeria shall retrench or lay-off any staff of any cadre (including full-time and part-time).

“To give effect to the above measure, the express approval of the Central Bank of Nigeria shall be required in the event that it becomes absolutely necessary to lay-off any such staff.

“The Central Bank of Nigeria solicits the support of all in our collective effort to weather through the economic challenges occasioned by the COVID-19 pandemic.”